Charlotte’s apartment rental prices continue to increase, in spite of the incredible pace of apartment complex growth around our city. According to a new report by ApartmentList.com, median rents in Charlotte now sit at $960 for a one-bedroom apartment and $1,120 for a two-bedroom.
June was the 5th-straight month that we saw rental increases after a decline in January. Our year-over-year rent growth leads the state average of 1.0%, but is in line with the national average of 1.4%.
The report also notes that, “rent increases have been occurring not just in the city of Charlotte, but across the entire state. Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise. The state as a whole logged rent growth of 1.0% over the past year.”
Here are some highlights the report noted about Charlotte;
- Rents in Charlotte have increased 0.5% over the past month, and are up 1.4% year-over-year.
- Charlotte’s median two-bedroom rent of $1,120 is below the national average of $1,180.
- Over the past year, rent increases have been occurring not just in the city of Charlotte, but across the entire state – of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise.