Charlotte’s rental market remained dynamic in Q4 2024, with mixed trends across listing availability, rental prices, and leasing activity. After a turbulent year, inventory levels showed moderate recovery, while average rents continued a steady climb.
We asked property managers in the Charlotte area for insights into the market.
Key Takeaway: Charlotte’s rental market is showing signs of softening, with 30% of property managers expecting rent decreases—the highest percentage among markets analyzed.
Data Summary:
Data Summary:
Deeper Diver: Charlotte’s rental market appears to be cooling, with a significant 30% of property managers expecting rents to decline, and more than half (54%) reporting fewer applications. This could indicate a shift in renter demand, potentially driven by affordability concerns, increased housing inventory, or broader economic factors. The small percentage of property managers receiving more applications (2%) suggests that any growth in demand is limited to select properties or price points.
Key Takeaway: Rental concessions declined slightly in Q4 but remained above the national average.
Data Summary:
Deeper Dive: While national rental concessions rose throughout 2024, Charlotte landlords offered fewer discounts over time, indicating strong competition but also confidence in rental demand. With increased time on market in Q4, landlords may need to reassess concession strategies heading into 2025.
Key Takeaway: Rental turnover slowed in Q4 2024, with properties staying on the market longer than in previous quarters.
Data Summary:
Deeper Dive: Charlotte’s rental market showed increased time on the market in Q4 across all property types, suggesting a seasonal slowdown or a cooling in demand. Compared to the national averaged, Charlotte’s rentals took longer to lease, which may impact landlord pricing strategies going into 2025.
Key Takeaway: Rent prices steadily increased across most property types in Q4, particularly for one- and two-bedroom units.
Data Summary:
Deeper Dive: While Charlotte’s rental market experienced rent hikes for smaller-unit properties and multifamily housing, single-family home rents declined, mirroring the drop in inventory. This suggests potential downward pressure from shifting renter preferences or increased home purchases reducing rental demand.
Key Takeaway: Charlotte's rental inventory saw mixed trends in 2024. Q4 had modest increases for multifamily and smaller-unit properties but continued declines in single-family homes.
Data Summary:
Deeper Dive: Charlotte’s rental market saw extreme swings in 2024, particularly in Q2, when inventory for three-bedroom and single-family rentals plummeted by over 50%. The sharp recovery in Q3, particularly in multifamily and smaller-unit rentals, suggests strong leasing activity and potential new developments entering the market. However, the continued decline in single-family rental availability signals increased absorption or a shift toward homeownership.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Charlotte-Concord-Gastonia, NC-SC, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution. ©2025 by Rental Beast
