Charlotte has one of the fastest growing Multi-family (and Single-Family rental) markets in the country. Here are 4 interesting facts about Charlotte’s MFDU market!
#1 As of June 2021, Charlotte had 17,784 units under construction. Developers have another 72,000 apartment units in the planning and permit stages!
#2 On a year-by-year basis, rents have increased by 10.6%! Which is 430 basis points above the national average. Rents have increased by 1.9% in just the second quarter of this year alone. The average rent in Charlotte is now $1,338.
#3 Low housing and living costs compared to most other metro areas have attracted Millennials to the metro over the past decade. These factors have also appealed to remote workers as well.
#4 Charlotte’s rental market had a total $3.7 billon in transaction volume. A third of it was in just 4 submarkets: North Charlotte, Colonial Village-Montclaire, Tryon Hills, and Ballantyne-Providence.
Have you seen evidence of the increases in Charlotte’s MFDU market?