Charlotte’s rental market remained tight in 2024, with eight renters competing for each available apartment, according to RentCafe’s Year-End Report. Despite a 4.96% increase in apartment supply, surpassing the national growth average of 2.59%, demand remained high.
The occupancy rate stood at 92.4%, slightly below 2023’s 93.2%, and apartments lingered on the market for an average of 40 days—four days longer than last year. Charlotte’s Rental Competitiveness Index (RCI) rose to 69.4, reflecting strong demand despite slight softening in some metrics.
Key Metrics for Charlotte’s Rental Market:
- Apartment Supply Growth: 4.96% in 2024, exceeding 2023’s 4.19%.
- Occupancy Rate: 92.4% (down from 93.2% in 2023).
- Renters per Apartment: 8, slightly below the national average of 9.
- Average Days on Market: 40, up from 36 in 2023.
- RCI Score: 69.4, compared to the national score of 74.4.
Projections for 2025 indicate less competition due to an anticipated influx of apartments nationwide, which may alleviate the intense demand. Renters may find it easier to secure units as supply continues to grow.
