Thanks to Charlotte’s historic apartment development over the past year, our rental prices have been staying steady and last month, they even slightly declined.
ApartmentList.com has just released their Charlotte Rent Report for February 2018 with some very promising data.
Charlotte rents declined moderately over the past month
Charlotte rents have declined 0.3% over the past month, but have increased moderately by 2.0% in comparison to the same time last year. Currently, median rents in Charlotte stand at $930 for a one-bedroom apartment and $1,090 for a two-bedroom. This is the fifth straight month that the city has seen rent decreases after an increase in August of last year. Charlotte’s year-over-year rent growth lags the state average of 2.5%, as well as the national average of 2.6%.
Rents rising across cities in North Carolina
Throughout the past year, rent increases have been occurring not just in the city of Charlotte, but across the entire state. Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise. The state as a whole logged rent growth of 2.5% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Cary is the most expensive of all North Carolina’s major cities, with a median two-bedroom rent of $1,210; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Winston-Salem experiencing the fastest growth (+4.9%).
- Fayetteville, Wilmington, and Greenville have all experienced year-over-year growth above the state average (4.4%, 3.5%, and 3.5%, respectively).
Charlotte rents more affordable than many other large cities nationwide
As rents have increased moderately in Charlotte, a few comparable cities nationwide have also seen rents grow modestly. Charlotte is still more affordable than most similar cities across the country.
- Charlotte’s median two-bedroom rent of $1,090 is below the national average of $1,160. Nationwide, rents have grown by 2.6% over the past year compared to the 2.0% increase in Charlotte.
- While Charlotte’s rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.6%), Atlanta (+2.4%), and Seattle (+2.4%).
- Renters will find more reasonable prices in Charlotte than most other large cities. For example, San Francisco has a median 2BR rent of $3,010, which is more than two-and-a-half times the price in Charlotte.
| City | Median 1BR price | Median 2BR price | M/M price change | Y/Y price change |
|---|---|---|---|---|
| Charlotte | $930 | $1,090 | -0.3% | 2.0% |
| Gastonia | $670 | $780 | -0.2% | 0.8% |
| Rock Hill | $820 | $950 | -0.3% | 5.0% |
| Huntersville | $1,080 | $1,260 | -0.4% | 3.6% |
| Matthews | $990 | $1,150 | -1.1% | 5.1% |
| Cornelius | $840 | $980 | -0.4% | 0.8% |