2023 Year-End Report: Charlotte Was the 2nd Hottest Rental Market This Year

Charlotte was the second most competitive rental market in the Southeast in 2023, surpassing metro areas like Washington, D.C.; Atlanta; or Charleston. It ranked 40th among the hottest markets of the year with a Rental Competitivity Index (RCI) of 54. However, finding an apartment in Charlotte was a bit easier this year than it was in 2022, due to the area’s steady increase in new apartments.

The 2023 Year-End Report highlights the most competitive markets for apartment seekers in 2023. For these rankings, we crunched the numbers on 139 U.S. markets, looking at five relevant metrics: the number of renters applying for an available unit, occupancy rates, vacancy days, the percentage of renewed leases and the share of new apartments.

Here’s a snapshot of Charlotte’s rental competitiveness in 2023: 

• 9 prospective renters competed for each vacant apartment in the area this year, which is in line with the national average.
• Consequently, rentals here became occupied after just 36 days. In contrast, the average American apartment got filled in 38 days.
• To make matters worse, 60.5% of apartment dwellers in Charlotte renewed their leases, which pushed the occupancy rate to a high 93.2%. Both stats align closely with the U.S. averages.
• Still, Charlotte’s 4.19% increase in new apartments is among the highest among the markets analyzed — and significantly above the national average of 1.89% — making the metro moderately competitive.
• Zooming out, Miami was the nation’s hottest rental market in 2023, followed by North Jersey and Milwaukee. Also, the Midwest was the most competitive region for renting this year, with three of its markets making the top five nationwide.