Metro Reports Multifamily Market Real Estate Trends

Charlotte Real Estate Market – Winter 2021

Charlotte Real Estate Market Report Winter 2021
Myles Gelbach/

Rental Market’s Rebound Continues

Although it faced its share of challenges—particularly in the second quarter—Charlotte’s multifamily market is on a better path. In November, overall rents averaged $1,229, improving by 0.5% on a trailing three-month basis. Meanwhile, the national rate remained flat.

Charlotte’s unemployment rate hit 13.2% in May, but that figure had dropped to 6.0% by October, according to preliminary data from the U.S. Bureau of Labor Statistics. All but one employment sectors contracted in the 12 months ending in September. Banking and finance remained the linchpin of the Queen City’s economy, with the financial services sector adding 4,200 jobs. Much of the growth came from fintech, particularly from firms handling online payments during and following last year’s national lockdown. Local automation software firm AvidXchange has seen demand increase as companies accelerate digitalization plans. To accommodate growth, AvidXchange is working on a $41 million headquarters expansion north of Uptown, which is expected to
create more than 1,200 jobs over the next few years.

A total of $2.2 billion in multifamily assets changed hands across Charlotte in 2020 through November. Going forward, investor appetite for more affordable, less-dense cities with strong talent
pools is likely to put Charlotte at an advantage.

Read the full Matrix Multifamily Charlotte Report-Winter 2021


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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