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Market Report

Charlotte Multifamily Market Report

3Q 2022

Industrial Boom Ignites Demand in Southwest;
Rising Home Prices Spur Multifamily Development

Rental demand surges in Southwest Charlotte. A net of 6,800 apartments were absorbed across the metro area during the 12-month interval ending in June. Roughly 40 percent of these units were in Southwest Charlotte, where demand has grown precipitously alongside economic expansion. During March and April, four companies were responsible for absorbing 1.2 million square feet of industrial space in the area. These move-ins bolstered manufacturing-related job creation, supporting an elevated level of apartment demand that lowered local Class C vacancy 220 basis points to 1.8 percent. Plans by retailers like Home Depot and AS Colour to expand logistical operations in Southwest Charlotte next year suggest that rental demand in the area will remain strong in the near term.
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