Affordable housing construction has accelerated rapidly in Charlotte in recent years, with the metro posting the third-fastest growth nationwide, according to a new RentCafe.com report.
The analysis tracked how affordable housing development has evolved across the U.S. over the past decade, with a closer look at the metros where growth has been most pronounced
Here’s what they found for our region:
- Between 2020 and 2024, the Charlotte metro completed 6,078 affordable apartments, accounting for about 11% of all new apartment construction during that period. Overall, roughly 56,00
0 apartments were built in the metro over those five years.
- These 6,078 apartments represent a 191% increase in affordable housing construction compared to the previous five-year period, when affordable units made up just 5% of new apartment completions in the region.
- Charlotte ranks as the third-fastest-growing metro nationwide for affordable housing construction — trailing only San Antonio and Phoenix, which posted the largest percentage increases over the same timeframe.
- Nationally, nearly 310,000
affordable apartments were built between 2020 and 2024, representing 12.6% of all new apartment construction. Affordable housing construction nationwide grew 73% faster than overall apartment building compared to the previous five-year period, underscoring a broader shift that Charlotte is outpacing.
- The South stands out in particular: A majority of the top 20 U.S. markets for affordable housing construction over the past five years are in this region, reflecting how rapidly growing Southern metros are scaling income-restricted development.
