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Market Report

Charlotte Multifamily Market

2Q 2024

Growing Young Adult Cohort Aids Rental Demand;
Concessions Help Offset Supply Pressure

Concessions more at play in Charlotte this year. Rapid population growth in recent years encouraged elevated multifamily construction in Charlotte. This will be the second straight year that deliveries surpass 13,000 units, pushing vacancy up. Increasing competition for renters from new supply has led many operators to offer concessions. The percent of units offering monthly deals rose in the first months of this year to the highest level observed in the metro since mid-2020. The broader prevalence of concession use has, in turn, led to a drop in the metro's mean effective rent in the last two quarters. In the first quarter, concessions were most prevalent in the Class A sector where vacancy is higher and the supply impact is significant.

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