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Charlotte Multifamily Metro Outlook Q2 2024

  • Short Description: Charlotte apartment market sees slower growth in 2023. Learn about rent trends, population growth, job market, and development activity in this Q2 report from Fanniemae.
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From Fannie Mae Report Q2 2024

Charlotte maintained its status as a top metro area in 2024. Click the link below to download the 2024 Q2 report from Fannie Mae.

From Fannie Mae Report Q2 2023

 
This download provides an overview of the multifamily housing market outlook for Charlotte in the second quarter of 2023, including information on rent growth, vacancy rates, population growth, employment trends, and development activity.
 

Charlotte's multifamily housing market experienced a surge in rent growth and declining vacancies in 2021 and 2022, but this trend is easing. Modest rent increases and a slight uptick in vacancies are projected. Pre-pandemic, Charlotte's rental market was already slowing due to a surge in new supply. While slower growth is anticipated compared to the last two decades, Charlotte's economy remains relatively strong.

Population and job growth continue, particularly in the 25-34-year-old demographic, which positively impacts long-term housing demand. Although job concentration in the financial industry could create volatility, overall job growth is projected to outpace the national average. Development activity for both multifamily units and single-family homes is brisk.

Charlotte Reports Dramatic 2023 Growth

  • Short Description: Charlotte sees massive investment in 2023. CRBA report highlights billions in capital, thousands of new jobs.
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The Charlotte Regional Business Alliance's (CRBA) most recent growth report (Q4 2023) boasts $549 million capital investment in Q4 and $4.5 billion capital investment in 2023. It also reports 6,185 announced jobs in 2023, 2.68% employment change YOY in 2023, and a 3.0% unemployment rate. 

All key industries are expected to trend upward in employment, with significant financial services growth (12% by 2027) a key driver in the region's economy. CRBA projects that current and new federal policies are expected to continue driving emerging industry clusters such as AI-powered software and support resources, and that life sciences and clean energy will also contribute to job growth opportunities.

Download the full report to learn more about Charlotte's strong population and employment growth.

Charlotte Tech Job Growth Hottest in NA

  • Short Description: Charlotte's tech scene is hot, with the city boasting double-digit job growth in the sector, fueling demand for housing and office space and driving rent increases.
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In CBRE's report from Q3 2024 they report that "Charlotte ranks among the most active tech markets in North America for office leasing activity this year, buoyed by the city's growth in tech employment and office lease rates."

According to Joe Franco, an SVP in CBRE's Charlotte office, "Results from CBRE's Tech-30 report confirm that Charlotte's g rowth rate in the tech sector continues to solidify our market as a technology-forward city nationally."

The full report offers an analysis of the positive correlation between VC funding and leasing activity by AI companies, interesting in light of CBRE's recent forecasts for growth related to AI as one of Charlotte's emerging industry clusters (read more here).

Closing & Update: S2K Charlotte Multifamily OZ Fund

  • Short Description: As of February 11th, 2026, we’ve completed our raise and the 10-year clock has begun.
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As of February 11th, 2026, we’ve completed our raise and the 10-year clock has begun.

CLT Construction Progress

  • Short Description: View images from the Charlotte construction site.
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These images were taken recently at the Charlotte construction site. The building is now vertical!

How the Blue Line Extension Changed Charlotte

  • Short Description: Charlotte's Blue Line Extension drives construction surge. Learn about new development, housing trends, and investment potential along the transit line.
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Charlotte's Blue Line Extension (BLE) has dramatically transformed development patterns. Construction spending along the BLE has surged since 2013, reaching a record $305 million in 2019. This investment boom has seen a concentration of new apartments, offices, and entertainment venues near transit stops.

The BLE's impact on housing is notable. Thousands of new residential units have been built, with a particular focus on apartments. While slowing in 2021, the BLE continues to shape development trends and create investment opportunities throughout Charlotte.

Multifamily Rent Growth to Resume

  • Short Description: Multifamily rent trends are changing, with bounceback expected in Phoenix, Charlotte, and Nashville. Investment performance in these markets is likely to be bolstered in the near term.
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CBRE reports that while some Sun Belt cities are experiencing a slowdown in rent growth, Charlotte is positioned for a sharp bounce back. As excess supply from recent development is absorbed, the city's strong rent increases are expected to resume. 

Pearl Innovation District Drives Economic Growth

  • Short Description: The Pearl innovation district brings economic revitalization to Charlotte. Learn about job creation, new businesses, and investment in Midtown.
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Charlotte unveils a new innovation district called "The Pearl," a tribute to the area's rich African American history. Located in Midtown, the district aims to be an inclusive hub of research, entrepreneurship, and community development. Atrium Health and Wexford Science & Technology are partnering on this project, which is expected to generate thousands of jobs and significant economic growth.

The Pearl aligns with trends seen in successful innovation districts – a mix of research, businesses, housing, and desirable amenities. The strong partnership with Atrium Health, the city, the county, and Wexford bodes well for the project. The Pearl's focus on fostering minority-owned ventures and creating jobs without requiring college degrees emphasizes inclusivity and broad-based opportunity.

Sample In-Person Event

  • Dates: May 13, 2024
  • Time: 11:30 am - 6:00 pm

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Second In-Person Event

  • Dates: May 13, 2024
  • Time: 11:30 am - 6:00 pm

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Top Companies Choose Charlotte Region

  • Short Description: Charlotte's diverse economy, talent pool, and strategic location make it a magnet for Fortune 1000 headquarters. Explore why business leaders choose Charlotte.
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The Charlotte Region boasts an impressive concentration of Fortune 1000 headquarters, including giants like Lowe's, Bank of America, Nucor, and Honeywell. This strong corporate presence highlights Charlotte's diverse economy, strategic location, and skilled workforce.

Companies choose Charlotte for its affordable cost of living, high quality of life, excellent connectivity through Charlotte Douglas International Airport, and a pro-business environment. The region's sustained growth in the headquarters sector demonstrates its continued appeal as a top destination for business expansion and relocation.

US Homeowner Challenges Drive Rent Growth

  • Short Description: Rising mortgage costs create Charlotte multifamily investment openings. CBRE report shows homeownership challenges, sustained rental demand.
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The American dream of owning a home is becoming harder to reach. CBRE's latest research highlights that average monthly mortgage payments now significantly outpace apartment rents, a trend set to continue for at least the next five years. This shift is propelled by factors like rising mortgage rates, a housing supply shortage, and reduced turnover of existing homeowners – all of which are driving up home prices.

As homeownership becomes less attainable, CBRE projects steady growth in the multifamily rental market. This presents opportunities for investors, particularly in markets like Charlotte, where premiums for buying a home are likely to return to pre-pandemic levels within five years. This favorable shift indicates a strong investment climate for the Charlotte multifamily sector.