While the peak in unit deliveries appears to be in the rearview mirror, the pipeline remains substantial: an additional 21,780 units were under construction as of Q4 2025. That equates to roughly an 8.5% inventory expansion, positioning Charlotte as the most supply-exposed major market in the country at year-end 2025.
Rent growth in Charlotte remains under pressure as a robust supply wave collides with softer seasonal demand, pushing annual rent growth to -1.4% in Q4 2025, the sharpest decline since rents turned negative in 2023.
Stabilized occupancy has softened as Charlotte works through an outsized delivery cycle—holding near 92% through 2024 and early 2025, then stepping down to 91.5% in Q4 2025.
Charlotte’s multifamily market in 2026 is set up as a “digest and stabilize” year, with fundamentals improving gradually as the market works through the tail end of an outsized supply cycle...
