Charlotte 2024 Market Forecast



$1,533  4Q 2023

$1,564 4Q 2024




92.2% 4Q 2023

91.9% 4Q 2024


-30 points


1.35M 2023

1.37M 2024


3.2% 2023

3.7% 2024

* Please note that these employment figures have been adjusted for seasonal variations and are based on Moody’s Analytics forecast as of January 1, 2024.

** Please note that these unemployment rates are estimates that have not been adjusted for seasonal variations, and they are derived from Moody’s Analytics forecast as of January 1, 2024.


  • The multifamily market in Charlotte is poised to gain some balance back with the forecasted absorption of 14,028 units in 2024, nearly meeting the record 16,800 units anticipated to deliver this year.

  • Despite a slight expected decline in the occupancy rate from 92.2% to 91.9%, the enduring demand in West Charlotte, North Charlotte, University, and East Charlotte ensures a robust market with notable gains in absorption.

  • Charlotte’s multifamily sector is experiencing a thriving expansion, with an efficient construction pipeline representing 14.7% of the existing inventory. Projections for the addition of almost 17,000 units in the next four quarters further solidify the city’s reputation as a dynamic and flourishing market.

Supply & Demand


14,028 Units


16,827 Units


Annual Demand vs Completions

Demand / Occupancy Outlook

In 2024, Charlotte’s multifamily market is expected to see a surge in demand, with absorption nearly doubling to 14,028 units, despite the introduction of 16,827 new units potentially nudging the occupancy rate down slightly from 92.2% to 91.9%. The strong demand, especially in areas like West, North, University, and East Charlotte, driven by in-migration from pricier cities like New York, continues to underpin the market’s robustness, even amidst a slight oversupply.

New Supply Outlook

Charlotte’s multifamily real estate sector has seen remarkable growth in recent years, largely driven by significant in-migration to the area. The market stands out with one of the fastest-growing construction pipelines in the nation relative to its existing inventory. Last year alone, the completion of an impressive 13,166 new units was recorded. Looking ahead, the forecast suggests an influx of nearly 17,000 units over the next four quarters, which will easily set a record for annual deliveries in Charlotte. The bulk of construction activity is concentrated in key submarkets: South End, West Charlotte, and North Charlotte, which together represent over half of the metro-wide construction pipeline at 53%.

Occupancy & Rent Trends



Average Monthly Mortgage Payment


Average Monthly Rent

2024 Rent trends outlook

The influx of new supply last year led to heightened competition, resulting in a significant downturn in the latter months. By the final quarter, the year-over-year rental growth rate had fallen to -2.5%, with average rents dipping to $1,533. As we look towards 2024, there is optimism for a rebound in rent growth, with forecasts suggesting a 2.0% increase year-over-year. Particularly in high-demand areas like Uptown Charlotte, a more substantial growth rate of 2.8% is expected, and even more affordable regions, such as Chester County, are projected to see positive movements. Nevertheless, the anticipated continual influx of new supply is expected to temper the pace of rent growth throughout the year.

Submarket Rent & Occupancy

SubmarketQ4 2023 Stabilized OccupancyQ4 2024 Stabilized Occupancy (f)Annual Occupancy Change (2024/2023)Q4 2023 Average Monthly RentQ4 2024 Average Monthly Rent (f)Annual Rent Change (2024/2023)
Cabarrus County92.7%92.4%-0.3%$1,445$1,4832.6%
Chester County93.8%93.4%-0.4%$466$4792.8%
East Charlotte93.0%92.7%-0.3%$1,408$1,4361.9%
Gaston County93.7%93.5%-0.3%$1,344$1,3732.2%
Iredell County91.7%91.3%-0.4%$1,480$1,5152.4%
Lancaster County92.8%92.5%-0.3%$1,477$1,5172.7%
Lincoln County91.0%90.6%-0.5%$1,314$1,3452.4%
North Charlotte92.5%92.2%-0.3%$1,460$1,4841.6%
Rowan County91.9%91.5%-0.5%$1,238$1,2561.5%
South Charlotte91.5%91.2%-0.4%$1,523$1,5542.0%
South End93.8%93.6%-0.2%$2,017$2,0451.4%
South Park89.5%89.2%-0.4%$1,845$1,8832.1%
Union County92.9%92.9%0.0%$1,542$1,5711.9%
Uptown Charlotte91.9%91.7%-0.3%$1,995$2,0502.8%
West Charlotte92.8%92.5%-0.3%$1,432$1,4571.7%
York County92.2%91.9%-0.4%$1,417$1,4492.3%

Submarket Construction Pipeline


4Q 2023 Unit Inventory


Number of Units Under Construction


Number of Units UC Delivering
In the Next 4 Quarters

SubmarketUnit Inventory: 3Q 2023Units Under Construction% of Existing Inventory UC% of Total UCUnits UC Delivering In the Next 4 Quarters
Cabarrus County11,2062993%2.3%294
Chester County20900%0.0%0
East Charlotte26,0741,6736%12.9%1,574
Gaston County11,1664984%3.8%493
Iredell County9,5811,20013%9.2%737
Lancaster County3,0681,18339%9.1%1,181
Lincoln County1,67700%0.0%0
North Charlotte15,5284,99532%38.4%2,017
Rowan County2,05048023%3.7%239
South Charlotte36,5838402%6.5%522
South End11,2776,29256%48.3%1,862
South Park12,1564884%3.7%244
Union County4,25076018%5.8%757
Uptown Charlotte8,1481051%0.8%101
West Charlotte16,2795,67235%43.6%2,851
York County14,6575093%3.9%257

Sales Activity

The multifamily investment landscape in Charlotte saw a marked deceleration in 2023, with investment sales totaling $1.5 billion, reflecting a stark 65% downturn from the year before. This downturn has set the stage for a period of subdued transaction volumes, influenced by prevailing financing uncertainties and the ongoing process of pricing discovery. Despite these immediate hurdles, the intrinsic allure of Charlotte’s multifamily market continues to hold strong. With an anticipated rebound in absorption rates and the completion of new high-end units on the horizon, investor interest is expected to reignite, fostering a resurgence in market activity.

  2. GV&A RE Investments
  3. Southwood Realty/Triangle
  4. Bell Partners
  1. Greystar
  2. Crescent Communities
  3. PGIM Real Estate
  4. Starwood Capital


2023 Transaction Volume

Y-O-Y Change

Individual Transaction Count

Price Per Unit

Annual PPU Price Change

* Trailing 4Q average PPU

* Preliminary Data from RCA – Individual transaction $2.5M +


Employment Forecast

Forecasted 2024 Employment Sector Growth

SectorEmployment Change 2023 to 2024Percent Change
Overall Employment15,1001.1%
Trade, Transport., & Utilities5,2001.8%
Financial Activities1,4001.1%
Professional & Business Services(1,000)-0.4%
Education & Health Services4,0002.7%
Lesuire & Hospitality5,2003.4%
Natural Resources & Mining00.0%
Other Services(200)-0.4%

Economic Outlook

Our forecasts indicate a promising outlook for the Charlotte market, with an anticipated addition of 15,100 new jobs, marking a 1.1% expansion. This job growth has historically been paralleled by a steady stream of new residents, underscoring the region’s attractiveness. Notably, the Trade, Transport, & Utilities sector and the Leisure & Hospitality industry are poised to be significant contributors to this employment surge, with each sector expected to add 5,200 jobs.

While the healthcare sector remains the largest employer in Charlotte, the financial services industry is a pivotal component of the local economy. The city hosts the headquarters of major financial institutions such as Bank of America and Truist, and other significant players like Wells Fargo, Ally, and U.S. Bank also have substantial employment footprints in the area. Beyond these sectors, Charlotte is set to gain from federal investments aimed at bolstering electric vehicle, solar, and semiconductor manufacturing industries, further diversifying its economic base.

The continuous influx of individuals from higher-cost areas in the Northeast further strengthens the Charlotte economy, contributing to its vibrancy and resilience. This trend reflects the city’s appeal as a burgeoning economic hub, offering a blend of job opportunities across various sectors.

Sources: Costar; Yardi Matrix; BLS; MSCI; Moody’s Analytics

To Gain Further Insights Into The Charlotte Market Please Reach Out To Our National Team

Alex Blagojevich

Executive Managing Director & Founding Partner

Michael Sullivan

Executive Managing Director & Founding Partner

Nate Ulepich

National Director of Sales

David Huey

Senior Director

Brett Meinzer

Managing Director

Kendall Adams

Senior Advisor

Ryan Carter

Associate Advisor

Thomas Skevington

Senior Advisor

Kyle Winston

Senior Advisor

Chris Wilson

Associate Advisor