Whether by choice or by necessity, 1 million Americans have embraced “solo renting” in recent years, and Charlotte is no exception. In fact, the metro marked the 5th highest jump in renters living alone nationwide. However, this lifestyle comes at a premium for Charlotteans – the steepest in North Carolina.
In Rent Cafe’s newest study, they rank the trending metro areas for solo renters and the places where, financially speaking, it’s easier (or more challenging) to ditch your roommate.
Here’s a close look at the rise and cost of independent living in Charlotte:
- The number of solo renters in Charlotte grew by 20% from 112,258 to 135,231 in five years, now comprising 16% of the metro’s total renter population. This means that many apartment dwellers in the metro are willing to dig deeper into their wallets just to have a place of their own.
- To live alone as a renter in Charlotte you’d need to earn an extra $825 per month compared to a regular renter. That said, solo renters in Charlotte have an average annual income of $43,807, while the average renter makes $33,907 per year.
- That’s the biggest income gap in the Tar Heel State, as lone renters in Raleigh or Fayetteville need an additional income of $695 and $574, respectively. Still, it’s still less than the premium you’d have to pay to go solo in New York ($1,153 per month) or Atlanta ($1,073 per month).
- Nationwide, Salt Lake City saw the largest increase in solo renters (up 25%) between 2018 and 2023, followed by McAllen, TX (up 24%). Akron, OH, and Pittsburgh, PA, are the most budget-friendly metros for solo renting, with premiums at about $300. In contrast, renting alone is most challenging in California’s San Jose and Santa Maria, where solo renters need an extra income of more than $2,000 per month.
