During Q2 2023, monthly rents in the Charlotte apartment market experienced a modest decline of 1.3% compared to the previous year, settling at an average of $1,602. Traditionally, Class B units have been the key drivers of rent fluctuations. However, Q3 2023 saw rent adjustments affecting all apartment categories, attributed to shifting market dynamics. Specifically, Class A units recorded a 1.6% decrease, Class B units saw a 1.2% dip, and Class C units aligned with the broader market trend, also declining by 1.3%. At the submarket level, East Charlotte emerged as an exception, registering a 2.2% annual increase in rents. Conversely, South Charlotte and the Mooresville/Statesville area lagged, posting declines of 3.7% and 3.3%, respectively. Looking ahead, projections for the Charlotte region indicate that rental growth is expected to stabilize around 2.1% by the end of 2024.