Historically November is the slowest month for the rental market, and 2025 was no different. Nationwide, rents fell one full percentage point last month, bringing year-over-year rent growth down to -1.1% and today’s median rent a full 5.2% lower than the market’s 2022 peak. Vacancies remain elevated and at the highest level since at least 2017. Apartment construction is past its peak but shaky housing demand has left the rental market soft for three consecutive winters.
Rents fell in nearly every large metropolitan area across the country. Locally:
- Rents in Charlotte fell 1.4% in November, compared to a 1% decrease nationwide.
- Year-over-year rent growth in Charlotte now stands at -2.1%, up from -3.2% one year ago.
- Today the median rent in Charlotte is $1,255 for a one-bedroom unit and $1,369 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 9.1%, up 0.7 percentage points from this time last year.
