Charlotte is in the midst of one of its largest apartment booms in it’s history, with dozens of new complexes now being built in Uptown, Southend, and NoDa, and although most parts of Charlotte are seeing rents increase, there’s one sector that’s been experiencing a decline.
The property management website Realpage recently did an analysis of the top 50 urban markets in America and found that Charlotte’s uptown high-rise rents have dropped 2.5% year over year to $1,719 – landing us at the #7 spot for the fastest declining rental rates.
With the light rail expanding and more walk-able dining and shopping options around South End and NoDa, many uptown apartment high-rises are finding themselves unable to bring in the steep premiums like they used to.
According to Realpage, “annual pricing cuts right around the 3% mark are seen in Portland and Charlotte, two metros that are posting really strong rent growth performances for everything except the urban core high-rise niche.”
The website compared rents in 50 of the top markets across the nation and found that rents in high-rise apartments have been growing much slower than midrise and garden-style apartments. Rents in urban skyscrapers grew by only 1.4% on average, compared to 2.4% in midrise apartments and 4.7% in garden-style apartments.
According to RealPage, these are the top 10 cities with the largest high-rise rent decline:
- Houston: -7.1% rent decline ($2,022 monthly high-rise apartment rent)
- San Francisco: -6.2% ($3,462)
- Indianapolis: -4.9% ($1,304)
- Jacksonville, Florida: -4.7% ($1,159)
- Milwaukee, Wisconsin: -4.4% ($1,282)
- Portland, Oregon: -3.1% ($1,866)
- Charlotte, North Carolina: -2.5% ($1,719)
- Baltimore: -0.7% ($1,550)
- San Antonio: -0.7% ($1,183)
- Providence, Rhode Island: -0.3% ($1,378)
Realtor.com now lists several high-rises in Uptown Charlotte that have units renting for under $1,300 per month.
You can browse all the available uptown apartment listings here.