Nationwide rents fell another 0.7% in October, the third consecutive month of decline. A relatively weak rental market has now persisted for well over a year, characterized by increasing vacancy rates that are keeping rent growth in check.
Year-over-year rent change has stabilized at -1.2% and is negative in 66 of the nation’s 100 largest cities.
For the latest data, see our full October Rent Report here. Some highlights include:
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Rents in Charlotte fell 0.8% in October, compared to a 0.7% decrease nationwide.
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Year-over-year rent growth in Charlotte now stands at -2.4%, down from +7.1% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 22.5%.
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Today the median rent in Charlotte is $1,306 for a one-bedroom unit and $1,431 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 7.3%, up 0.9 percentage points from this time last year.
