Charlotte's population has experienced robust growth, increasing from approximately 2.7 million in 2021 to about 2.9 million in 2024, representing a year-over-year growth rate of 2.79%. This upward trend is supported by a net migration of nearly 56,000 residents, contributing to a diverse and expanding labor market with an employment figure of approximately 1.5 million. The median household income stands at $85,938, while the unemployment rate is relatively low at 3.7%. With a renter share of 33.9%, the demand for housing remains strong, driven by both population growth and economic stability.
In the multifamily sector, the median gross rent is currently $1,594, reflecting a year-over-year rent growth of 2.6%. The HUD Fair Market Rents for a two-bedroom unit are benchmarked at $1,771, which is below the current market asking rent of $1,824 for similar units. This indicates a slight affordability challenge, as the growth in rents has not kept pace with the broader market's expectations. The overall momentum in rent growth suggests a stable demand for multifamily housing, even as affordability remains a concern for some renters.
Over the trailing 24 months, the capital markets in Charlotte have seen 271 transactions totaling approximately $1.83 billion, with a median price per unit of $352,000. The multifamily cap rate is currently at 7.5%, which is about 46 basis points higher than the national median of 7.04%. This positioning reflects a competitive market, although the rent growth is lagging behind the national average by 0.9 percentage points. As the market continues to evolve, maintaining a close watch on demographic trends and economic indicators will be essential for informed underwriting decisions.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
A cafe chain and catering service is opening a fourth Manhattan location in Chelsea, Commercial Observer has learned. The European-inspired Charlotte Cafe has signed a 10-year, 1,500-square-foot lease with landlord Willen Feygin at 219 Ninth Avenue, where it will take over a space vacated by a bank, according to broker…
CHARLOTTE, N.C. — Wegmans, a large-format grocer based in Rochester, N.Y., plans to open a 110,000-square-foot grocery store at 11550 N. Community House Road in Charlotte on Wednesday, Oct. 14. The store is an anchor of Ballantyne, Northwood Investors’ 2,000-acre master-planned development on the south side of Charlotte adjacent to…
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| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2025-05-19 | 9329 Old Concord Rd, Charlotte, NC 28213 | Multifamily | — | $135K | — |
| 2025-05-15 | 721 Governor Morrison St #400, Charlotte, NC 28211 | Multifamily | — | $250K | — |
| 2025-05-08 | 3607 Sloan St, Charlotte, NC 28209 | Multifamily | 2 | $560K | $280,000 |
| 2025-05-02 | 390 N King St, Gastonia, NC 28052 | Multifamily | 1 | $700K | $700,000 |
| 2025-05-02 | 706 Rankin Ave, Gastonia, NC 28052 | Multifamily | 3 | $700K | $233,333 |
| 2025-05-02 | 527 Charlotte Ave, Rock Hill, SC 29730 | Multifamily | — | $540K | — |
| 2025-05-01 | 1478 Samuel St, Charlotte, NC 28206 | Multifamily | 1 | $879K | $879,000 |
| 2025-04-30 | 3544 Masonboro St, Charlotte, NC 28206 | Multifamily | 1 | $424K | $423,500 |
| 2025-04-29 | 208 and 212 Pawley Dr, Charlotte, NC 28214 | Multifamily | — | $720K | — |
| 2025-04-29 | 429 Blairhill Rd, Charlotte, NC 28217 | Multifamily | — | $550K | — |
| 2025-04-28 | 2308 Augusta St, Charlotte, NC 28216 | Multifamily | 1 | $305K | $305,000 |
| 2025-04-25 | 219 and 219 5 Wall St, Rock Hill, SC 29730 | Multifamily | — | $285K | — |
| 2025-04-25 | 517 Denver St, Kannapolis, NC 28083 | Multifamily | 2 | $157K | $78,504 |
| 2025-04-25 | 3141 E NC 27 Hwy, Lincolnton, NC 28092 | Multifamily | 2 | $460K | $230,000 |
| 2025-04-24 | 745 Arbor St, Concord, NC 28025 | Multifamily | — | $625K | — |
| 2025-04-24 | 723/725 Lee St, Salisbury, NC 28144 | Multifamily | — | $165K | — |
| 2025-04-24 | 715 717 N Lee St, Salisbury, NC 28144 | Multifamily | 1 | $195K | $195,000 |
| 2025-04-23 | 1604 N Long St, Salisbury, NC 28144 | Multifamily | 3 | $255K | $85,000 |
| 2025-04-23 | 2008 N Brevard St, Charlotte, NC 28206 | Multifamily | — | $91.5M | — |
| 2025-04-22 | 2517 Hemphill St, Charlotte, NC 28208 | Multifamily | 1 | $546K | $546,000 |
| 2025-04-21 | 2097 Pineville Matthews Rd, Charlotte, NC 28270 | Multifamily | 1 | $150K | $150,000 |
| 2025-04-21 | 227 and 231 Linden Ave, Concord, NC 28027 | Multifamily | — | $300K | — |
| 2025-04-18 | 308 Stockton St, Statesville, NC 28677 | Multifamily | — | $230K | — |
| 2025-04-16 | 704 Mosby Crossing Dr, Charlotte, NC 28213 | Multifamily | — | $65.1M | — |
| 2025-04-16 | 404 Gallop Ln, Charlotte, NC 28213 | Multifamily | — | $65.1M | — |
| 2025-04-15 | 2545 Ellen Ave, Charlotte, NC 28208 | Multifamily | — | $267K | — |
| 2025-04-14 | 501 King Edward Rd, Charlotte, NC 28211 | Multifamily | 1 | $615K | $615,000 |
| 2025-04-14 | 114 N Vine St, Pageland, SC 29728 | Multifamily | 1 | $109K | $109,000 |
| 2025-04-11 | 231 Green Dr, Concord, NC 28027 | Multifamily | — | $385K | — |
| 2025-04-10 | 151 N Main St, Mount Holly, NC 28120 | Multifamily | 7 | $800K | $114,286 |
| 2025-04-09 | 3551 Marvin Rd, Charlotte, NC 28211 | Multifamily | 1 | $295K | $295,000 |
| 2025-04-07 | 7710 Grier Rd, Charlotte, NC 28213 | Multifamily | 1 | $200K | $200,000 |
| 2025-04-04 | 1300 Reece Rd #203, Charlotte, NC 28209 | Multifamily | — | $570K | — |
| 2025-04-03 | 312 State St, Charlotte, NC 28208 | Multifamily | — | $2.5M | — |
| 2025-04-01 | 1825 Beacon Ridge Rd, Charlotte, NC 28210 | Multifamily | — | $43.0M | — |
| 2025-04-01 | 1107 Pine St, Kannapolis, NC 28081 | Multifamily | 3 | $783K | $261,000 |
| 2025-04-01 | 104 Myers Ln, Pageland, SC 29728 | Multifamily | 1 | $190K | $190,000 |
| 2025-03-31 | 400-405 Needle Ct, Kannapolis, NC 28081 | Multifamily | — | $783K | — |
| 2025-03-28 | 181 Parkwood Dr, Concord, NC 28027 | Multifamily | — | $140K | — |
| 2025-03-28 | 3540 Masonboro St, Charlotte, NC 28206 | Multifamily | 1 | $395K | $394,500 |
| 2025-03-28 | 3536 Masonboro St, Charlotte, NC 28206 | Multifamily | 1 | $409K | $408,500 |
| 2025-03-28 | 3532 Masonboro St, Charlotte, NC 28206 | Multifamily | 1 | $425K | $424,500 |
| 2025-03-27 | 8446 Profit Ln, Charlotte, NC 28215 | Multifamily | 1 | $441K | $440,500 |
| 2025-03-27 | 15-17 Brookwood Ave, Concord, NC 28025 | Multifamily | — | $185K | — |
| 2025-03-26 | 3600 Masonboro St, Charlotte, NC 28206 | Multifamily | — | $425K | — |
| 2025-03-26 | 431 Danielle Way, Fort Mill, SC 29715 | Multifamily | — | $250K | — |
| 2025-03-26 | 212 S Turner Ave, Charlotte, NC 28208 | Multifamily | 1 | $480K | $480,000 |
| 2025-03-26 | 3447 Tappan Pl, Charlotte, NC 28205 | Multifamily | — | $352K | — |
| 2025-03-25 | 2529 Ellen Ave, Charlotte, NC 28208 | Multifamily | — | $356K | — |
| 2025-03-25 | 2541 Ellen Ave, Charlotte, NC 28208 | Multifamily | — | $356K | — |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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