{"id":7769,"date":"2024-06-05T13:01:00","date_gmt":"2024-06-05T13:01:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7769"},"modified":"2024-09-13T13:13:11","modified_gmt":"2024-09-13T13:13:11","slug":"charlotte-multifamily-market-report-may-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-may-2024\/","title":{"rendered":"Charlotte Multifamily Market Report \u2013 May 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <a href=\"\/blog\/charlotte-multifamily-market-report\/\"><strong>Charlotte Multifamily Market Report<\/strong><\/a>.<\/p>\n\n\n<hr \/>\n<h2>Charlotte Rents Improve, Investment Still Muted<\/h2>\n<p>Charlotte\u2019s multifamily fundamentals are staying positive, as seasonal trends have aided rent growth, the latest Yardi Matrix Charlotte multifamily market report notes. Rates were up 0.1% on a T3 basis, to $1,584, recovering after a decline that largely mirrored national trends, as reported in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market outlook<\/strong><\/a>. The average overall occupancy rate in stabilized properties decreased by 80 basis points year-over-year, to 93.6%, indicating that Charlotte remains a desirable market.<\/p>\n<p><iframe id=\"datawrapper-chart-HJYNg\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/HJYNg\/1\/\" height=\"321\" 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>Employment in the Queen City expanded by 3.1% as of December 2023, adding a total of 29,900 net jobs. The metro\u2019s rate of growth was 110 points above the national average. Leisure and hospitality led gains with 11,400 jobs, an 8.0% growth rate year-over-year. The area\u2019s unemployment rate stood at 3.6% as of February, 30 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. The education and health services sector could see a further boost from the ongoing development of a medical school campus, which will include a 300,000-square-foot research facility and is slated for completion next year.<\/p>\n<p><iframe id=\"datawrapper-chart-Ucr2a\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Ucr2a\/1\/\" height=\"423\" 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>First-quarter deliveries in the metro totaled 2,294 units. This was 70 basis points above the national figure and accounted for 1.1% of existing stock. Meanwhile, developers had 37,099 units under construction as of March in Charlotte. Transaction volume in the metro remains limited, as high interest rates continue to deter investors.<\/p>\n<p>Read the full Yardi Matrix Charlotte Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5640-MatrixMultifamilyCharlotteReport-May2024\"><strong>May 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Charlotte Rents Improve, Investment Still Muted Charlotte\u2019s multifamily fundamentals are staying positive, as seasonal trends have aided rent growth, the latest Yardi Matrix Charlotte multifamily market report notes. Rates were up 0.1% on a T3 basis, to $1,584, recovering after a decline that largely mirrored national trends, as reported in the U.S. multifamily market outlook. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[448,511],"class_list":["post-7769","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-2024"],"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 Multifamily Market Report \u2013 May 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Charlotte delivered 2,294 units in the first quarter, outpacing the nation but representing a pullback from last year\u2019s significant volume.\" \/>\n<meta name=\"robots\" content=\"index, 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