Charlotte ranks among the top 10 in 2 separate metrics in the new 2024 Apartment Construction Report, with over 14,000 new apartments set to be completed by the end of the year – outpacing major metros like Raleigh or Miami.
More so, Charlotte is set to see one of the biggest boosts in construction activity across the nation over the next five years.
Here’s the latest on Charlotte apartment construction:
- Charlotte will have completed 14,658 new apartments by the end of December 2024 – no other NC city comes close. Raleigh, the only other North Carolina metro in the top 20 nationwide, will add 9,228 new apartments.
- On a city level, Charlotte proper is the top builder in the metro with 11,359 units set to open this year. Indian Land and Huntersville follow at a great distance with 745 and 535 units, respectively.
A peek into the future:
- Charlotte is set to stay at the forefront of apartment construction over the next five years, with nearly 55,000 new units scheduled for completion by 2028. That’s 9,843 more units compared to the total of the last five years.
Top 20 Metros With Biggest Increases in Completed Apartments
5-Year Comparison
| 1 | New York, NY | 116,207 | 150,327 | 34,120 |
|---|---|---|---|---|
| 2 | Phoenix, AZ | 49,600 | 60,833 | 11,233 |
| 3 | Raleigh, NC | 23,505 | 34,679 | 11,174 |
| 4 | Charlotte, NC | 44,804 | 54,647 | 9,843 |
| 5 | Nashville, TN | 36,454 | 44,556 | 8,102 |
| 6 | Austin, TX | 72,011 | 80,046 | 8,035 |
| 7 | Youngstown, OH | 191 | 6,449 | 6,258 |
| 8 | San Antonio, TX | 29,689 | 35,576 | 5,887 |
| 9 | Colorado Springs, CO | 7,902 | 13,147 | 5,245 |
| 10 | Huntsville, AL | 9,238 | 13,879 | 4,641 |
| 11 | Indianapolis, IN | 11,436 | 16,021 | 4,585 |
| 12 | Riverside, CA | 9,457 | 13,276 | 3,819 |
| 13 | Sacramento, CA | 10,627 | 14,073 | 3,446 |
| 14 | Sherman, TX | 617 | 4,001 | 3,384 |
| 15 | Durham, NC | 8,936 | 12,044 | 3,108 |
| 16 | North Port, FL | 10,575 | 13,441 | 2,866 |
| 17 | Las Vegas, NV | 14,457 | 17,302 | 2,845 |
| 18 | Santa Rosa, CA | 2,051 | 4,866 | 2,815 |
| 19 | Albuquerque, NM | 1,960 | 4,642 | 2,682 |
| 20 | Hartford, CT | 3,979 | 6,642 | 2,663 |
