Apartment building in the U.S. is soaring to new heights. Over the past three years, the pandemic sparked a building frenzy, with a whopping 1.2 million new apartments opened throughout the country. And the momentum is likely to persist in the coming years, with another 1 million units expected through 2025, a new Rent Cafe study shows.
Charlotte is poised to make a great contribution to that future million, expected to deliver the 11th largest number of apartments in all of the U.S. by the end of 2023. Plus, it emerged as a top contender during the pandemic boom, securing the 15th position nationwide for the high number of units added between 2020 and 2022.
Here’s a glance at Charlotte’s apartment construction landscape:
- 12,396 new rentals are on track to be built by the end of 2023 in Charlotte, in an attempt to solve the area’s dearth of apartment inventory. That’s the most prominent surge in the Tar Heel State, as Raleigh trails behind with 10,922 units.
- Metrowide, the cities expected to deliver the most apartments are Charlotte proper (9,481 units), followed at a great distance by Indian Land (479 units), Mooresville (479 units) and Concord (407 units).
- During the pandemic, Charlotte metro built a whopping 24,686 apartments, falling just shy of Boston and Chicago. Charlotte proper saw the greatest surge in the area – 17,213 units. In fact, the Queen City ranks 6th among all the U.S cities for its deliveries between 2020 and 2022.
- Zooming out, Dallas is the national leader for apartment construction since 2020 , with 76,660 rentals opened in this timeframe. New York and Houston come in second and third place, respectively. As for 2023, New York claims the throne, with no less than 33,000 new rental units set to come online by the end of the year.
