Charlotte’s Rental Market Thrives Amid National Downturn, Ranks 9th in Apartment Demand
Unlike its regional neighbors, Charlotte’s rental market absorbed 5,000 more units than developers built-in 2024. Other Sunbelt cities saw their one-bedroom rents drop between 3.3% and 4.8%.
Over two years, the Queen City added 146 new apartment buildings to its landscape, yet the market held strong. Average monthly rent now stands at $1,636, while luxury units command $1,779.
“Charlotte ranks No. 9 nationally for apartment demand,” said Andrea Howard, Northmarq regional managing director of multifamily investment sales, to WSOCTV.com.
Experts consider Charlotte’s rental market “warm” compared to national trends, driven by steady renter interest.
Employment grew at a healthy 1.8% through September, beating the national rate by 40 points. While many regions struggled, Charlotte maintained its unemployment rate at 3.4%, with healthcare and education jobs leading the way.
Apartment hunters can find everything from basic $500 units to high-end $12,000 penthouses. Most pay between $1,500 and $2,200 monthly. The market showed slight cooling with a tiny 0.4% decrease over fall 2024.
While Nashville, Miami, and Austin experienced bigger rent drops, Charlotte stayed more stable. Even Atlanta couldn’t avoid larger decreases last year.
Luxury properties handled the downturn well. After a small 1% price drop from 2022, rates began climbing again recently.
When it opens in 2027, a huge medical complex spanning 1.1 million square feet will create new jobs. This will build on the city’s already strong healthcare presence.
Healthcare jobs continue driving the market forward. When the new hospital campus opens, expect further growth in this booming sector.
