Metro Reports Multifamily Market Real Estate Trends

Charlotte Multifamily Market Report – May 2022

Charlotte Multifamily Market Report May 2022
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The Queen City Gears Up For Another Solid Year

After a strong performance in 2021, Charlotte’s rental market entered a period of slower, more sustainable growth. Fueled by an influx of remote workers, its affordable cost of living and solid economy, the metro’s rental sector continued to display strong fundamentals. Rents rose 0.7% in the first quarter of 2022, to $1,522. On a year-over-year basis through March, Charlotte rents increased 18.6%, surpassing the U.S. rate by 380 basis points.

Charlotte added 44,700 jobs in the 12 months ending in February, for a 3.4% uptick in employment. Although known as a finance and banking hub, the metro has been gradually diversifying its economy in the past few years. Most recently, electric vehicle manufacturer Arrival announced it would be building its second U.S. micro factory in West Charlotte, while pharmaceutical giant Eli Lilly is expected to break ground on an 800,000-square foot campus at the former Philip Morris site in Concord later this year. Set to be the secondlargest economic investment in Cabarrus County history, the $1 billion plant is expected to create 600 new jobs.

Drawn by the region’s long-term growth prospects, both investors and developers have been busy in the metro. In the first quarter of 2022 alone, $793 million in multifamily assets changed hands and 970 new units were delivered. Going forward, we expect rents to continue to grow, albeit at a softer pace.

Read the full Matrix Multifamily Charlotte Report-May 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.

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