The busy rental season – which turned out not to be that busy – is coming to an end. July posted a 0.2% increase in rental growth nationwide, but it’s likely that rent growth will fall below zero next month, and stay there for the rest of the calendar year.
In July, nationwide rents rose $4 (0.2%) but remain $11 (0.8%) cheaper than one year ago. This is the second year in a row where supply growth has kept rent growth in check, despite improvements on the demand side of the market. Geographic patterns have held steady: rent growth remains faster in the Midwest and Northeast, while markets in the South and West are seeing the sharpest declines.
Some local highlights from the recent report include:
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Rents in Charlotte increased 0.4% in July, compared to a 0.2% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at -3.5%, down from -2.3% one year ago.
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Today the median rent in Charlotte is $1,319 for a one-bedroom unit and $1,438 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8%, up 0.8 percentage points from this time last year.
