Rents increased 0.4% in May, pulling the national median rent up to $1,398. However, May rent growth clocked in slower this year than in previous years – rents increased 0.6% in both May 2023 and May 2024 – so year-over-year rent growth has slid back down to -0.5%.
As we are in the midst of another slow season for the rental market, multifamily vacancies have risen to a new high of 7.0%, keeping rents at bay.
The Local Outlook:
Today, rent gains are concentrated in the Midwest and Northeast, while rent declines remain prevalent in the Sun Belt and Mountain West. In your market specifically:
- Rents in Charlotte increased 0.5% in May, compared to a 0.4% increase nationwide.
- Year-over-year rent growth in Charlotte now stands at -1.4%, up from -3.6% one year ago.
- Today the median rent in Charlotte is $1,291 for a one-bedroom unit and $1,408 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.7%, up 0.4 percentage points from this time last year.
For more national and local insights, check out the latest update to our Charlotte Rent Report.
