Charlotte’s Rental Report Card For December 2018

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Charlotte is now experiencing one of the most significant growth stages in its history, with construction starting on a new apartment complex almost every week. We’re also seeing an equally significant growth in new companies moving here, booming start-ups, and local expansions – all adding to increased demand for new workers.

Our job sector is continuing to grow at a record pace and new companies continue to move here, including the recently announced Honeywell Corporate Headquarters move.

According to ApartmentList.com, Charlotte rental rates have remained steady over the past month, in spite of our historic growth, due to the significant increase in apartment complex construction over the past few months;

Apartment List’s new report also notes that:

As rents have increased moderately in Charlotte, a few comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. Charlotte is still more affordable than most other large cities across the country.

  • Charlotte’s median two-bedroom rent of $1,120 is below the national average of $1,180. Nationwide, rents have grown by 1.3% over the past year compared to the 2.0% rise in Charlotte.
  • While Charlotte’s rents rose moderately over the past year, the city of Seattle saw a decrease of 0.4%.
  • Renters will find more reasonable prices in Charlotte than most comparable cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than two-and-a-half times the price in Charlotte.

Several suburbs of Charlotte also remain comparatively affordable;

.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Charlotte $960 $1,120 0.0% 2.0%
Concord $810 $940 0.9% -3.5%
Gastonia $680 $800 -0.2% 1.6%
Rock Hill $840 $980 0.1% 2.5%
Huntersville $1,130 $1,320 0.7% 4.8%
Matthews $1,000 $1,170 -0.0% -0.1%
Cornelius $880 $1,030 -0.2% 3.9%

 

You can read more about Apartment List’s methodology here.

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