November is typically the softest month for the U.S. rental market, and this year is no exception.Nationwide, rents slid 0.8% this month. This is the steepest single-month drop observed in 2024, and the fourth consecutive monthly decline going back to August. Annual rent growth sits at -0.6% and will persist for the remainder of the year.
The Local Outlook:
-
Rents in Charlotte fell 1% in November, compared to a 0.8% decrease nationwide.
-
Year-over-year rent growth in Charlotte now stands at -3.4%, down from -2.5% one year ago.
-
Today the median rent in Charlotte is $1,282 for a one-bedroom unit and $1,398 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.3%, up 0.8 percentage points from this time last year.
You can read the full rent report by Apartment List here.
