Charlotte’s rental market remained tight this peak rental season, even though the metro saw one of the largest waves of new apartments in the country. For renters, the extra supply offered more listings to scroll through — but it didn’t translate into relief. With most people still choosing to stay put, newcomers continued to face crowded open houses, fast-moving listings, and limited availability.
Here’s what the data shows from the most recent Rental Competitiveness Report:
- Apartment supply increased by 2.3% in recent months, up from 1.35% during the same period last year. But despite the influx, 62.5% of renters renewed their leases, a 1.4% uptick from last summer. This trend underscores how cautious tenants remain about moving.
- As a result, occupancy hovered around 93%, showing that most apartments are still full and leaving little room for newcomers. This has led to ten renters competing for every vacant apartment, one more than a year ago, keeping competition stiff.
- Units were leased in about 40 days, exactly in line with the national average, reinforcing how quickly available apartments turn over in Charlotte.
- Altogether, Charlotte’s Rental Competitiveness Index (RCI) score reached 71.8, placing the market squarely in the competitive category.
