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Market Report

Charlotte Multifamily Market

2024 Investment Forecast

New Logistics Employers and Transit Options
Fuel Demand Amid Supply Wave

University-adjacent apartments stand out regionally. In 2023, the UNC Charlotte area experienced a substantial increase in the number of renters, making it one of the fastest-growing multifamily hubs in the Southeast. Alongside Central Nashville, it boasted one of the largest expansions in occupied apartment stock in the region. However, strength observed in this area has not been limited to last year alone. Since the completion of the LYNX Blue Line extension to UNC Charlotte in March 2018, this submarket has consistently led the metro in net absorption. This trend highlights the positive influence that expanded public transit has had on local apartment demand. Nonetheless, even in more sparsely-developed areas, rental demand has stayed consistent. Southwest Charlotte has observed 27 consecutive quarters of positive net absorption through 2023, thanks to various logistics expansions that have increased needs for nearby rentals. Home Depot, Grainger and Carolina Foods are also set to move into 2 million square feet of local distribution facilities by the end of this year, likely sustaining such tailwinds. Amid the backdrop of expanding employment prospects, builders have initiated the construction of 8,300 apartment units in the submarket as of the start of 2024, constituting 25 percent of the metro’s ongoing development. The LYNX Silver Line, a proposed rail expansion linking Gaston County in the west to Union County in the East via the City Center, should greatly bolster rental demand for these newly-constructed properties once it comes online.

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