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Market Report

Charlotte Multifamily Market Report

2024 Investment Forecast

Transit Expansions and Logistics Employers
Stir Renter Demand Amid Supply Boom

University-adjacent apartments shine regionally. The UNC Charlotte area noted one of the largest surges in renters among any Southeastern submarket last year. Strength in this area predates last year as well. Since March 2018 — when the LYNX Blue Line extension to UNC Charlotte was completed — the submarket has led the metro in net absorption, showcasing the impact of expanded public transit on local apartment demand. Still, the need for rentals has also stayed consistent in less urbanized locations. Despite its lack of public transit, Southwest Charlotte had 27 consecutive quarters of positive net absorption through 2023, with several logistics expansions aiding rental demand. This trend should continue as Home Depot, Grainger and Carolina Foods move into 2 million square feet of local distribution facilities by the end of this year. Motivated by job growth prospects, builders were underway on 8,300 units here at the onset of 2024, comprising 25 percent of the metro’s pipeline. If completed, the construction of the LYNX Silver Line — which would connect Gaston County in the west to Union County in the east through the City Center — should support rental demand for these new builds.
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