Metro Reports Multifamily Market Real Estate Trends

Charlotte Housing Market Trends (January 2022)

Charlotte Housing Market Trends January 2022
Image by pawel.gaul/

The Queen City Begins 2022 on a High Note

Charlotte’s economic recovery is in full swing, fueled by its concentration of young, highly educated people, a business-friendly environment and an affordable lifestyle. Multifamily rents grew by 1.2% on a trailing three-month (T3) basis through November, surpassing the national rate by 20 basis points. On a year-over-year basis, rents increased by 17.6%, granting Charlotte the last spot in the top 10 U.S. metros for rent growth. Despite substantial gains, the average rate stood $126 below the $1,590 U.S. figure, which added to the market’s overall appeal.

Unemployment improved to 3.6% in October, according to preliminary data from the Bureau of Labor Statistics, outperforming the 4.1% North Carolina rate. Charlotte added 40,600 jobs in the 12 months ending in September, for a 5.9% year-over-year improvement. Leisure and hospitality added the most positions (13,700 jobs), followed by professional and business services (13,200). The Queen City is steadily making its mark in fintech, as well. Fortune 500 investor services company Moody’s announced it would expand this year to a South End office space that will house 500 employees.

Developers brought 9,617 units online in 2021 through November, with year-end deliveries expected to exceed 2016’s cycle high of 9,785 units. Meanwhile, investment volume surpassed $3.2 billion, and the per-unit price topped 200,000 for the first time ever.

Read the full Matrix Multifamily Charlotte Report-January 2022

About the author

Laura Calugar

Laura Calugar is a senior associate editor with Commercial Property Executive and Multi-Housing News. She has a 10-year background in broadcast media and joined the CPE-MHN team in 2016.

Add Comment

Click here to post a comment