Inflation is currently at its highest rate in 40 years, and rapidly rising housing costs are a key contributor. While the market has cooled slightly from last summer’s peaks, the national median rent has still jumped by 14% in the past year. And with spiking mortgage rates now sidelining potentially homebuyers, the coming months could bring additional competition for rentals amid a market that is already historically supply-constrained.
For the latest data, you can see the July Rent Report here, complete with median rent and price growth data through June 2022.
Highlights of the report include:
Rents in Charlotte increased 2.1% month-over-month in June, compared to a 1.3% increase nationally. Month-over-month growth in Charlotte ranks #15 among the nation’s 100 largest cities.
Year-over-year rent growth in Charlotte currently stands at 17.5%, compared to 10.6% at this time last year. Year-over-year growth in Charlotte ranks #21 among the nation’s 100 largest cities. Rents in Charlotte are up by 25.8% since the start of the pandemic in March 2020.
Median rents in Charlotte currently stand at $1338 for a 1-bedroom apartment and $1466 for a two-bedroom.