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2023 Q3 Multifamily Market Overview

 

Market Highlights

Charlotte is one of the most robust and growing cities the Southeast has to offer. The 15th most populous city in the United States, Charlotte is home to over 1,000 multifamily properties and over 210,000 units. Additionally, the region currently has 149 multifamily properties under construction representing an additional 35,547 units to come online over the next several years. With a YoY population growth of 2.86%, over 100 people moving to the Charlotte area every day, and a business-friendly climate, Charlotte is poised for even further growth.

The primary industries in Charlotte are Advanced Manufacturing (145,000 jobs), Financial Services (105,000 jobs), Innovation Economy (40,000 jobs), Life Sciences, and Logistics & Distribution, and the city also boasts 25 colleges and universities (Charlotte Regional Business Alliance). Atrium Health is the area’s largest employer, while Wells Fargo and Bank of America highlight the strength of Charlotte’s Financial Services industry. Charlotte is home to several professional sports teams, highlighted by the Carolina Panthers (NFL) and Charlotte Hornets (NBA), and Charlotte Douglas International Airport was recently ranked the 7th busiest airport in the world.

#2
Most Competitive Rental Market in the Southeast (CharlotteStories)
#8
Best Places to Live in U.S. (US News & World Report)
#8
Best Places for Renters to Live (RentCafe)

Multifamily Highlights

Apartment Market Overview:

1,051
Apartments (50+ units)
211,353
Total Units (50+ units)
$1,632
Avg. Asking Rent
2.0%
Rent Growth (Previous 12 Months)
90.3%
Occupancy

12-Month Sales:

$3.57B
12-month Sales Volume ($)
14,345
12-month Sales (Units)
69
12-month Sales (# of transactions)

Development Pipeline:

149
Properties Under Construction
35,547
Units Under Construction

Economic Development

Several significant economic investments are underway in Charlotte. More specifically, Red Bull, Rauch North America, and Ball Corp. are making a combined $1 billion investment into a beverage manufacturing hub in nearby Concord. Red Bull and Rauch are planning a 2 million SF manufacturing site ($740 million / 413 jobs), while Ball Corp is planning an 800,000 SF plant ($383 million / 200 jobs).

According to the Charlotte Regional Business Alliance, Q2 2023 brought $273 million of capital investment and 1,415 announced jobs. Macy’s ($584 million / 2,800 jobs), Pallidus ($443 million / 405 jobs), Robert Bosch ($130 million / 404 jobs), alpitronic ($9.3 million / 300 jobs), Atom Power ($4.2 million / 205 jobs), and Captron are all making significant investments to Charlotte.

To view additional updates on the Charlotte market, please visit our Charlotte Market News page:

Charlotte Market News – August 2023

 

Demographics

Total Population
2,756,069
Population Growth (2022-23)
2.86%
Unemployment Rate (June 2023)
3.4%

Major Employers

  1. Atrium Health

    39,000 jobs  | Learn More

  2. Wells Fargo

    28,000 jobs  | Learn More

  3. Bank of America

    15,000 jobs  | Learn More

  4. Novant Health

    14,052 jobs  | Learn More

  5. American Airlines

    13,500 jobs  | Learn More

  6. Lowe's

    11,000 jobs  | Learn More

  7. Compass Group USA

    8,800 jobs  | Learn More

  8. Harris Teeter

    8,239 jobs  | Learn More

  9. Duke Energy

    7,700 jobs  | Learn More

  10. Daimler Trucks

    6,800 jobs  | Learn More


Other Demand Drivers

  1. Northlake Mall

    1,066,026 SF; Macy's, Belk, Dillard's  | Learn More

  2. SouthPark Mall

    1,688,480 SF; Nordstrom, Belk, Dillard's, Macy's, Dick's  | Learn More

  3. Bank of America Stadium

    Home of the Carolina Panthers; 74,867 seats  | Learn More

  4. Spectrum Center

    Home of the Charlotte Hornets; 19,077 seats  | Learn More

  5. Charlotte Douglas International Airport

    48,000,000 annual visitors  | Learn More

  6. UNC Charlotte

    24,116 undergraduate enrollment  | Learn More

  7. Charlotte Motor Speedway

    Home to NASCAR; Roughly 134,000 seats  | Learn More

  8. Davidson College

    1,927 students  | Learn More

Featured Properties

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Our Deal Team

Dennis Harris
TN | Carolinas
Dennis Harris
TN | Carolinas
Phone: (615) 690-3001 x223

Dennis is originally from Chattanooga, TN and attended the University of Tennessee where he majored in Business Administration and Finance. He has been a Broker with TKC since 2008 and enjoys interacting with and learning from clients of different backgrounds across the globe. He also loves the competition within the industry.

Austin Haney
Carolinas
Austin Haney
Carolinas
Phone: (931) 639-7340

Austin is originally from Illinois. He enjoys the unique opportunities that real estate provides and loves to meet people from all walks of life and backgrounds and work with them to achieve their investing goals.

Sources & Comments

1. Charlotte-Concord-Gastonia, NC-SC Metropolitan Statistical Area consists of 11 counties, according to Office of Management and Budget: (1) Anson (2) Cabarrus (3) Gaston (4) Iredell (5) Lincoln (6) Mecklenburg (7) Rowan (8) Union (9) Chester (10) Lancaster (11) York

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) YardiMatrix (3) RentCafe.com (4) CoStar (5) rcanalytics.com (6) www.bls.gov (7) macrotrends.net (8) https://www.bizjournals.com/charlotte

3. Sales Comps are from 8/17/22 – 8/17/23

4. Development Pipeline as of 8/17/2023

5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy

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