Charlotte Rents Close Out the Year Down 3.1%

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Charlotte Stories
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Nationwide, prices fell another 0.6% in December, closing out another soft year for the rental market. With rents slipping in each of the past five months, the national median rent is $1,373 today, its lowest level since early 2022.

An important indicator of market health, this index reports how long it takes a typical apartment to get leased, after being listed on our platform. Right now time on market stands at 36 days, the highest level on record (back to 2019) and a strong signal of today’s soft market conditions.

The Local Outlook:

As always, different rental markets experience different trends. Zooming in on Charlotte specifically:

  • Rents in Charlotte fell 0.7% in December, and are now down 3.1% year-over-year.
  • Today the median rent in Charlotte is $1,273 for a one-bedroom unit and $1,388 for a two-bedroom unit.
  • The typical Charlotte apartment is now renting in 37 days. Over the past year, local ‘time on market’ has increased by 5 days.

For more national and local insights, check out the latest update to Apartment Lists’ Charlotte Rent Report here.