North Carolina’s Apartment Market Continues to Boom
NC Continues to be one of the Hottest Apartment Markets in the Country
Greensboro/Winston Salem: #1 Market with Largest Increase in Occupancy
Raleigh Durham: #4 Market for Rent Growth
Greensboro/Winston Salem: #9 Market for Rent Growth
Charlotte/Concord/Gastonia: #10 Market for Rent Growth
Wilmington: #2 Small Market for Rent Growth
Charlotte/Concord/Gastonia: #4 Multifamily Construction Permits
According to Real Page, Inc -
North Carolina’s Fast-Growth Population Trend continues
Where Housing Units Are Changing
US Census
The North Carolina apartment market continues to benefit from the state’s population increase, the low supply of apartments in the state and the increasing demand for apartment living.
North Carolina has the 4th Largest Population Growth from 2010-2018.
Apex, NC was the third fastest growing city last year.
Charlotte was a top five city for the Largest Numeric Population Increase
Brunswick County was fourth for Counties in Percentage Growth
Raleigh was #10 for Metropolitan Areas in Percentage Growth from 2010-2018
Percentage of Apartment Units Built Between 1980-2019
North Carolina – 74% of units built since 1980
Virginia – 60% units built since 1980
Ohio – 42% units built since 1980
Pennsylvania – 36% units built since 1980
New York – 21% units built since 1980
In comparison to other states, the majority of North Carolina apartment units have been built within the last 40 years. While newer apartments demand higher rents they are also more energy efficient, better constructed, more environmentally friendly and considerably safer from fires/natural disasters.
$47.7 Million Contributed Daily to the Economy
The apartment growth in North Carolina is an overall benefit. While only 9% of the state’s population live in an apartment (nationwide 12%), the industry has an economic impact of $17.4b annually which equates to a $47.7m daily. The high density nature of apartment housing also creates a lower cost burden to municipalities when providing city and county services.
NAA and NMHC data: weareapartments.org/data - Click Image For Additional NC Data.
For information, data or presentations on the economic and social benefits of Apartment Communities and the need for New Apartment Developments: Contact Us.