Across most of the country, rents trended up again this past month. Nationwide rent growth came in at 0.5%, just shy of last month’s 0.6%.
Meanwhile, here in Charlotte, we saw yet another month of declines, with average rent prices across our city falling by 0.1%.
While demand signals have been strong so far in 2024, supply growth has outpaced it here in the Queen City, especially along the Blue Line.
Some highlights from Charlotte’s full May Rent Report include:
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Rents in Charlotte fell 0.1% in April, compared to a 0.5% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at -3.6%, down from +2.6% one year ago.
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Today the median rent in Charlotte is $1,303 for a one-bedroom unit and $1,421 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.2%, up 0.9 percentage points from this time last year.
What do you think about Charlotte’s current rent prices?
