We have officially entered the off-season for the rental market. In September, rents nationwide fell by 0.5%, the 2nd straight monthly decline. Assuming historical trends hold, prices should continue to dip for the rest of the calendar year.The Local Outlook:
As always, different rental markets can behave differently. Zooming in on the Charlotte market specifically:
-
Rents in Charlotte fell 0.6% in September, compared to a 0.5% decrease nationwide.
-
Year-over-year rent growth in Charlotte now stands at -3.3%, down from -2.9% one year ago.
-
Today the median rent in Charlotte is $1,308 for a one-bedroom unit and $1,426 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.1%, up 0.9 percentage points from this time last year.
