{"id":6028,"date":"2023-06-21T11:20:14","date_gmt":"2023-06-21T11:20:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6028"},"modified":"2023-09-12T16:56:16","modified_gmt":"2023-09-12T16:56:16","slug":"charlotte-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/","title":{"rendered":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"<h2>Rents Stabilize, Demand Remains Firm<\/h2>\n<p>With its rapidly expanding population, affordable lifestyle and above-average job growth, the Charlotte multifamily market is capable of withstanding economic challenges in upcoming quarters. The first three months of the year produced no gains for multifamily rents in the metro, with rates stabilizing at $1,591. Meanwhile, the average U.S. figure clocked in at $1,706.<\/p>\n<p><iframe id=\"datawrapper-chart-Ota2Q\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Ota2Q\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The metro\u2019s job market remained strong, with all employment sectors recording gains. Some 58,500 positions were added in 2022, accounting for a 5.3% labor-pool expansion, 160 basis points above the U.S. rate of growth. Leisure and hospitality led gains with 17,000 jobs, followed by professional and business services with 9,700 positions. Meanwhile, a high-profile project that broke ground after several years of planning is expected to reshape West Charlotte. Crescent Communities finally began work on The River District, a 1,400-acre, $6 billion master-planned project.<\/p>\n<p><iframe id=\"datawrapper-chart-mL9S8\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/mL9S8\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>As in most parts of the country, transaction activity began to moderate in the first quarter, with sales amounting to only $255 million. Investment totaled more than $5 billion in each of the previous two years. Deliveries also slowed down, with developers bringing just 737 units online, for a 0.4% expansion of stock, which will likely put pressure on rents. Yardi Matrix expects Charlotte rates to grow 3.6% this year. The figure would mark the largest rent increase among major metros tracked by the data provider.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3925-MatrixMultifamilyCharlotteReport-May2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Charlotte Report-May 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents Stabilize, Demand Remains Firm With its rapidly expanding population, affordable lifestyle and above-average job growth, the Charlotte multifamily market is capable of withstanding economic challenges in upcoming quarters. The first three months of the year produced no gains for multifamily rents in the metro, with rates stabilizing at $1,591. Meanwhile, the average U.S. figure [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[448,475],"class_list":["post-6028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-charlotte","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Charlotte\u00a0Multifamily Market Report \u2013 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting, according to Yardi Matrix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charlotte\u00a0Multifamily Market Report \u2013 May 2023\" \/>\n<meta property=\"og:description\" content=\"Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting, according to Yardi Matrix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T11:20:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T16:56:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"629\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laura Calugar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023 - Yardi Matrix Blog","description":"Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting, according to Yardi Matrix.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/","og_locale":"en_US","og_type":"article","og_title":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023","og_description":"Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting, according to Yardi Matrix.","og_url":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-06-21T11:20:14+00:00","article_modified_time":"2023-09-12T16:56:16+00:00","og_image":[{"width":1200,"height":629,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Laura Calugar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023","datePublished":"2023-06-21T11:20:14+00:00","dateModified":"2023-09-12T16:56:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/"},"wordCount":230,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","keywords":["Charlotte","Multifamily Outlook 2023"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/","url":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/","name":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","datePublished":"2023-06-21T11:20:14+00:00","dateModified":"2023-09-12T16:56:16+00:00","description":"Following two of its strongest years in the past decade, the Charlotte multifamily market is resetting, according to Yardi Matrix.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","width":1200,"height":629,"caption":"Photo by Jonathan Ardila\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Charlotte\u00a0Multifamily Market Report \u2013 May 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/06\/Charlotte-iStock-1478466437.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=6028"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6028\/revisions"}],"predecessor-version":[{"id":6030,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6028\/revisions\/6030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6029"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=6028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=6028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=6028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}