Charlotte, NC Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Charlotte's multifamily market carried a substantial delivery load into Q4 2025, with inventory growing by roughly 15,000 units over the past year. Demand has kept pace: trailing 12-month net absorption reached 14,369 units, up from 12,416 a year prior, and vacancy declined for three consecutive quarters to land at 12.0%. The pipeline is contracting, with units under construction falling from 26,083 in Q4 2024 to 20,748. Asking rents softened modestly to $1,615 per unit, and cap rates nudged up to 5.4% as investor caution persists. As deliveries continue to slow, conditions favor gradual tightening through 2026.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Charlotte Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.