As the rental market warms up from a slow winter season, nationwide rents slowly started to turn around in March. This is the second consecutive month of rent increases following six straight months of decline.
Year-over-year change remains negative at -0.8%, meaning that on average, new leases remain marginally cheaper than they were one year ago, even as broader inflation continues to trend up. Rent growth remains regionally varied as multifamily supply expands quickly in fast-growing markets across the southern United States.
Some highlights for the Charlotte rental market include:
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Rents in Charlotte increased 0.2% in March, compared to a 0.6% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at -3.1%, down from +3.8% one year ago.
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Today the median rent in Charlotte is $1,306 for a one-bedroom unit and $1,424 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8%, up 1.1 percentage points from this time last year.
For the latest data, you can check out the full April Rent Report for Charlotte here.
