What Happened Charlotte NC?

Question

What happened to Charlotte Multifamily Inventory? This seems to be the lowest inventory of Multifamily properties! Is this a cyclical thing? A fluke? Is Charlotte just having a random slump? Are other markets having the same inventory drought?

What do you think is going on here?

Vincent Barros · Answer

The lack of multifamily housing is a recognized issue within local government and the community. You can see that in recent news reports that the city's regional planning for the next 20 years is trying to encourage multifamily building and discourage single family construction. So keep your eyes on some potential zoning changes in the future.

https://www.wfae.org/local-new...

https://www.bizjournals.com/ch...

Pieter T Van Zyl · Answer

@Scott

I was able to buy a duplex earlier this year but had a really difficult time finding them! In my opinion this area has lower inventory to begin with as well as a market that everyone knows is growing so grow so less motivated sellers.

Cameron Braig · Answer

@Scott Emsley

As you're likely aware the Charlotte market has become very competitive. Additionally, many of the commercial brokerage shops have beefed up teams and focus on markets like Charlotte. In such a competitive and covered market it would be interesting to see if the percentage of off-market deals has grown furthering pressuring available supply.

Jeffrey Donis · Answer

Are you seeing that on the submarkets outside of the Charlotte area? I live in Durham and we will look at deals that we get from brokers located in Charlotte but typically they are way to expensive.

Richard Neuharth · Answer

We bought them all!!! lol! Seriously though, I think that there are some markets where there are people interested in selling but they don't know where to move their money. Some of our other markets are struggling with this as well. It's a stable market with stable returns and great employment. I'd probably wait to sell too.

Timothy Hero · Answer

From my understanding, Charlotte is one of the hottest rental markets right now. My deals in NC have dramatically increased in the last 6 months.

Amy Shutes · Answer

@Scott Emsley

It’s not big here in Charlotte.  Prices for houses are still reasonable and it’s not a hot commodity.

Jason Hirko · Answer

@Scott Emsley We're definitely seeing this in Charlotte, Raleigh, Asheville, Greensboro. Our clients are finding almost all of their deals of market right now.

What Happened Charlotte NC?

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