The rental market hit a major milestone this month: nationwide rent growth has fallen below zero for the first time since the early pandemic. Rent growth is normally peaking at this time of year, but right now it is decelerating as sluggish demand collides with a strong incoming supply of new apartments. The national vacancy rate is higher today than at any point during the pandemic (and continues to rise), signaling that rent growth will remain slow for the rest of the year.For the latest data, see our full August Rent Report here. Some highlights include:
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Rents in Charlotte increased 0.3% in July, compared to a 0.3% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at -1.8%, down from +16.9% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 25.3%.
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Today the median rent in Charlotte is $1,335 for a one-bedroom unit and $1,462 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.5%, up 2.8 percentage points from this time last year.
