A Balanced Second-Quarter Performance
Charlotte’s average advertised asking rents were up 0.1% on a trailing three-month basis through June, to an average of $1,594, according to the latest Yardi Matrix Charlotte multifamily market report. The rate was 10 basis points below the national figure, which clocked in at $1,749. Charlotte’s rate had been slowly improving after the contractions recorded in 2024’s last quarter. Meanwhile, outstanding supply growth pressured occupancy, which stood at 93.8% in May and was below the nation’s 94.6% average, as reported in the U.S. multifamily market outlook.
Employment growth was 1.6% year-over-year through April, 80 basis points above the national rate. Charlotte added 30,400 net jobs over the 12-month period ending in April. Professional and business services led gains with 10,500 positions added to the workforce. The area’s unemployment clocked in at 3.6% as of May, 60 basis points below the national rate, according to preliminary data from the Bureau of Labor Statistics. Developers completed the first of three phases of The Pearl Innovation District. The $1.5 billion project is a public-private partnership set to encompass 4.2 million square feet upon completion. The district is slated to create more than 5,500 on-site jobs over the next 15 years.
In the first half of 2025, Charlotte developers brought 8,337 units online, representing 3.5% of existing stock and 210 basis points above the national figure. Yardi Matrix expects 18,000 units to come online this year, which would make it the best-performing
year since at least 2017.
Read the full Yardi Matrix Charlotte Multifamily Market Report: August 2025
Add Comment