Charlotte Rents Increased 0.3% Last Month – June 2024 Rent Report

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Charlotte Stories
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charlotte rentsAlmost halfway through the year, the rental market in 2024 looks very similar to 2023: positive but slow rent growth during traditionally the busiest months.

Nationwide, rents rose $7 (0.5%) in May but remain $11 (0.8%) cheaper than a year ago. Demand for apartments is strong, but a steady supply of new construction gives renters plenty of options and prevents prices from taking off. Rent growth remains faster in the Midwest and Northeast, and slower in the South and West.

For national and local data, read our June Rent Report. Highlights include:

  • Rents in Charlotte increased 0.3% in May, compared to a 0.5% increase nationwide.
  • Year-over-year rent growth in Charlotte now stands at -3.7%, ranking #7 slowest in the nation.

  • Today the median Charlotte rents are $1,307 for a one-bedroom unit and $1,425 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.2%, up 0.9 percentage points from this time last year.