Charlotte Multifamily Market Report

Supply pressures remain elevated. Multifamily construction in Charlotte has surged to unprecedented levels. Over 4,700 units were delivered in the first quarter of 2025 — more than three times the average since 2000. This wave of deliveries will continue in the near term, with over 10,700 additional units to be completed this year. Elevated deliveries could begin pressuring vacancy, particularly in the Huntersville and Cornelius areas, where total inventory is on track to expand more than 20 percent by year-end. Looking beyond 2025, however, the metro’s completions are expected to taper as developers have already begun pulling back, reflected in a steady decline in construction starts since their 2022 peak.