Charlotte among top cities booming with new apartments in the US, report says

Charlotte is one of the fastest growing cities in the country, and the pace of apartment construction is increasing to keep up.

According to a recent study from RentCafe, there’s been a record amount of apartment construction in the U.S. in the last few years, especially in bigger metros.

“The pandemic building boom brought 1.2 million apartments to the market in the last three years and 2023 is also shaping up as a new peak year for construction as developers are expected to open 460,860 rentals by the end of December,” the report says. “In the last three years, America has been benefiting from a construction boom not seen since the 1970s.”

Using construction data across 296 U.S. metropolitan areas, RentCafe’s research team compiled a list of the top cities where apartment construction is booming.

Out of cities across the country, Charlotte ranked 11th among the top metros for new apartments in 2023 and 15th nationwide for apartments completed between 2020 and 2022.

Here’s how apartment construction in the area has progressed over the last few years, according to RentCafe.

Charlotte apartment construction landscape

• 12,396 new rentals are on track to be built by the end of 2023 in Charlotte.

• In the metro area, Charlotte proper is expected to deliver the most apartments with 9,481 units, followed by Indian Land (479 units), Mooresville (479 units) and Concord (407 units).

• During the pandemic, 24,686 apartments were built in the metro. Charlotte proper saw the greatest surge in the area with 17,213 units.

Based on the annual report, another one million new rentals are set to be completed through 2025.

Here’s how Charlotte compares to other cities for new apartments in 2023:

The report is exclusively based on apartment data related to buildings containing 50 or more units and metros with less than 300 units or less than two properties/buildings were not included.

You can find the full report on apartment construction online here.

This story was originally published August 30, 2023 at 9:52 AM.

Chyna Blackmon

The Charlotte Observer

Chyna Blackmon was a service journalism reporter for The Charlotte Observer. A native of the Carolinas, she grew up in Columbia, SC, and graduated from Queens University of Charlotte. She’s also worked in local television news in Charlotte, NC, and Richmond, VA. Support my work with a digital subscription