Rent Growth in Charlotte Cools as New Apartment Construction Picks Up

Rent Growth in Charlotte Cools as New Apartment Construction Picks Up





All the new apartment construction popping up around the country this year is having a direct impact on rent prices. Rents have fallen over the past year in many of the nation’s largest housing markets, and the sharpest declines are occurring in the places that are building the most new housing.
  • From 2021 to 2023, the Charlotte metro issued building permits for a total of 28 thousand new multifamily units. That equated to an annual average of 3.4 new units for every 1,000 existing residents, up from an annual average of 3 units per-capita from 2015 to 2020.

  • As the recent supply wave has started to crest, the median rent in Charlotte has fallen by 3.4% over the past 12 months, representing an ongoing cooldown after the area’s rents increased by 19.8% in 2021.

  • Among the nation’s 50 largest metros, Charlotte ranked #14 for multifamily permitting activity from 2021 to 2023, and now ranks #7 for slowest year-over-year rent growth.

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