{"id":8316,"date":"2024-09-05T09:17:00","date_gmt":"2024-09-05T09:17:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8316"},"modified":"2025-02-07T09:31:59","modified_gmt":"2025-02-07T09:31:59","slug":"charlotte-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-august-2024\/","title":{"rendered":"Charlotte Multifamily Market Report \u2013 August 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 Mostly Stable Amid New Supply Boom<\/h2>\n<p>Charlotte fundamentals were encouraging going into the third quarter. Average advertised asking rents were up 0.1% on a trailing three-month basis as of June, to $1,583. The metro\u2019s rent movement turned positive in April, after a longer period of contractions, in line with overall U.S. trends, as reported in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market outlook<\/strong><\/a>. Year-over-year advertised asking rents were still in negative territory, down 2.3%. And while occupancy slid 90 basis points in a year, to 93.5%, as of May, healthy demand levels are slowly catching up with booming supply.<\/p>\n<p><iframe id=\"datawrapper-chart-k8Qfy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/k8Qfy\/1\/\" height=\"322\" 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>In the 12 months ending in April, Charlotte employment expanded 1.6%, outperforming the U.S. average, which stood at 1.4%. The government sector led job growth with 7,800 new positions, or a 4.7% expansion, followed by education and health services (6,600). Charlotte unemployment was 60 basis points lower than the national average of 4.0% in April. The metro\u2019s diversified economy continues to attract developers. Asana Partners and MRP Realty are gearing up to start developing the metro\u2019s first office-to-mixed-use conversion, dubbed Brooklyn &amp; Church. The partners expect to complete the $250 million project by the end of 2026.<\/p>\n<p><iframe id=\"datawrapper-chart-91Lva\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Charlotte Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/91Lva\/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>In the first half of 2024, Charlotte deliveries totaled 6,116 units. Growth was more than double the national pace. In addition, the metro had 34,543 units under construction as of June. Yardi Matrix expects 2024 completions to reach 17,359 units, which would be by far Charlotte\u2019s strongest year in the past decade.<\/p>\n<p>Read the full Yardi Matrix Charlotte Multifamily Market Report: <a href=\"\/publications\/download\/file\/6073-MatrixMultifamilyCharlotteReport-August2024\"><strong>August 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Charlotte Mostly Stable Amid New Supply Boom Charlotte fundamentals were encouraging going into the third quarter. Average advertised asking rents were up 0.1% on a trailing three-month basis as of June, to $1,583. The metro\u2019s rent movement turned positive in April, after a longer period of contractions, in line with overall U.S. trends, as reported [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7773,"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-8316","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 August 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Charlotte\u2019s advertised asking rents were up 0.1 percent on a T3 basis through June, below the national average of 0.3 percent.\" \/>\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-august-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charlotte Multifamily Market Report \u2013 August 2024\" \/>\n<meta property=\"og:description\" content=\"Charlotte\u2019s advertised asking rents were up 0.1 percent on a T3 basis through June, below the national average of 0.3 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/charlotte-multifamily-market-report-august-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-05T09:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-07T09:31:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/06\/Charlotte-iStock-2162846120.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Agota Felhazi\" \/>\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 Multifamily Market Report \u2013 August 2024 - 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