Nationwide, rents slid 0.7% in October, the third consecutive month of decline, according to a new report from ApartmentList.com. They expect this trend to continue for the rest of the year.
There remains a high volume of new multifamily construction still in the pipeline, and moving rates will slow down during the winter holiday months, so rents should continue dropping through November and December.
The Local Outlook:
As always, different rental markets experience different trends, even when national rent growth is negative. Zooming in on your market specifically:
Rents in Charlotte fell 1% in October, compared to a 0.7% decrease nationwide.
Year-over-year rent growth in Charlotte now stands at -3.5%, ranking #10 slowest in the nation.
Today the median rent in Charlotte is $1,294 for a one-bedroom unit and $1,411 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.3%, up 0.9 percentage points from this time last year.
Nationwide, rents slid 0.7% in October, the third consecutive month of decline, according to a new report from ApartmentList.com. They expect this trend to continue for the rest of the year.
