A new report by Rent Cafe just named Charlotte as having one of the year-over-year rental rate increases in the nation.
According to the report, “fewer than expected apartment deliveries this year are increasing competition among existing apartments, pushing up the national average rent by another 3.1% year over year, to $1,412 in August. The national average monthly rent swelled by $42 since last August and $2 since last month. Above-average numbers of renters renewing leases at the end of the summer and heightened demand from college-age renters are also contributing to the rise in rents this time of year.”
Some of the largest increases were in Orlando (7.7%), Phoenix (6.8%), and Charlotte (5.2%), while Manhattan (1.9%) and Washington, D.C. (2.1%) saw some of the slowest growing rents in this category. The biggest net changes were felt by renters in Los Angeles, which pay $102 more per month this August compared to last year.
The above ranking was compiled using data across the 252 largest cities in the US. The report is exclusively based on apartment data related to buildings containing 50 or more units. Our report includes cities with populations over 100,000 and a rental stock of at least 2,900 apartments in 50+ unit buildings.
You can read the entire report here on RentCafe.com.