The national rent index logged a major milestone this month, as year-over-year rent growth nationally fell to zero for the first time since the early pandemic. Rents are still trending up month-over-month, but much more slowly than usual. Rent growth is normally peaking at this time of year, but right now, it’s cooling during what should be the busy season. And on the supply side, the national vacancy index also logged a milestone, matching the peak availability from the height of the pandemic.For the latest data, see Charlotte’s full July Rent Report here.
Some highlights include:
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Rents in Charlotte increased 0.4% in May, compared to a 0.5% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at +1.4%, down from +17.5% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 24.7%.
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Today the median rent in Charlotte is $1,327 for a one-bedroom unit and $1,454 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.3%, up 2.6 percentage points from this time last year.
