Charlotte Neighborhoods with Sizable Apartment Additions

Apartment supply volumes in Charlotte have been notably high and – according to the schedule of deliveries – will continue to be in the near term as well.

In the past five years, the apartment stock in Charlotte grew by a sizable 49,159 units, according to RealPage Market Analytics. That volume increased the existing unit count by 26.1%, which was one of the top showings among the nation’s largest 50 apartment markets. The only two markets to see a bigger increase in the past five years were Austin (30.7%) and Nashville (27.5%).

Within the submarket lines in Charlotte, growth was even more intense in a few key neighborhoods. In fact, three of Charlotte’s biggest submarkets saw their existing unit counts grow by around 50%, an even more remarkable feat given their relative size. These three submarkets are clumped together just northwest of the market’s urban core. While they are relatively small in geographic size, with more than 20,000 units each, these are some of the largest existing unit counts in the market.

Southwest Charlotte has added nearly 9,600 units to its existing stock since 3rd quarter 2019, increasing its base by 54% during that time. This was a rare feat, as only five other submarkets nationwide with more than 27,000 units saw inventories grow by 54% or more in the past five years. Others on that list include Phoenix’s Avondale/Goodyear/West Glendale, Austin’s Round Rock/Georgetown and East Austin, Dallas’ Frisco and Northeast Denver.

Southwest Charlotte’s neighbor – North Charlotte – saw the completion of nearly 7,000 units, for a growth rate of 50.5%, in the past five years. And over 7,800 units wrapped up in neighboring UNC Charlotte, increasing that existing base by 46.4% since 3rd quarter 2019.

Notably, five years ago, Charlotte’s urban core of Uptown/South End claimed Charlotte’s biggest existing unit count. After this most recent growth cycle, Southwest Charlotte and UNC Charlotte are now the neighborhoods with the biggest apartment stocks, pushing Uptown/South End to the #3 spot. North Charlotte didn’t even make the top five ranking five years ago and is now in the #4 position. Uptown/South End did grow significantly as well, with 5,110 units increasing the base by 27.3%.

Mooresville/Statesville – a geographically large submarket to Charlotte’s north – also saw significant growth in the past five years. The addition of 3,561 units increased the existing stock by 46.1%. Also growing by nearly one third was Matthews/Southeast Charlotte, which was up by 30% with new stock totaling 2,715 units in the past five years.

But this big supply wave in Charlotte isn’t quite finished yet. Just within the coming year, another 20,000 or so units are scheduled to wrap up construction. That would increase the existing unit count another 8.3%, the highest ratio of growth expected nationwide among major markets. For context, Phoenix and Austin are slated to see inventories grow by about 6% to 7%.

Apartment development continues to push north, as the Charlotte submarket in the spotlight in the near term is Huntersville/Cornelius, which is located just north of the Southwest Charlotte/North Charlotte/UNC Charlotte cluster. Developers are scheduled to wrap up nearly 2,500 units in Huntersville/Cornelius in 2025, which would up the relatively small existing unit base by 30.2%.

Growth is also expected to be notable again in the Southwest Charlotte (14.1%), Uptown/South End (10.3%) and North Charlotte (10.1%) areas in the coming calendar year.