As the COVID-19 pandemic and its ensuing economic fallout continue to overwhelm renters across the country, a new report from ApartmentList.com is showing more good news for renters and bad news for landlords and developers, especially here in Charlotte.
Currently, median rents in Charlotte stand at $978 for a one-bedroom apartment and $1,141 for a two-bedroom. Charlotte’s year-over-year rent growth lags the state and national averages, which both stand at 0.2%.
Here are some additional highlights from this month’s report:
Rents in Charlotte increased by 0.2% month-over-month, and are down 1.5% since the start of the pandemic in March, the #8 fastest decline among the nation’s 50 largest cities.
Year-over-year rent growth in Charlotte currently stands at -0.6%, the lowest rate in July of any year since the start of our estimates.
- Renters will find more reasonable prices in Charlotte than most other large cities. For example, San Francisco has a median 2BR rent of $3,001, which is more than two-and-a-half times the price in Charlotte.
Check out the full report here.