A new report from the Apartment List Economics team highlights a striking milestone in the U.S. rental market – after years of sharp up and down swings, the national median rent is now at a level consistent with where it would have been if rent prices had simply continued on the trajectory of slow and steady growth that they had been on prior to the pandemic.
Of course, underneath this national finding, trends vary substantially across markets. In the Buffalo, NY metro, the median rent is 37% higher than it would have been had rents increased at a typical rate, whereas in the Austin, TX metro, rents are 15% below that level.
Key findings from the report:
- As of August 2026, the median rent in Charlotte sits at $1,381, which is 4% below where it would have been if rent growth since 2020 had remained on the slow and steady trajectory of 2.5% annual growth that rent prices nationally had been on pre-pandemic ($1,440).
- The local rent growth trend prior to the pandemic was close to the national trend, with Charlotte’s median rent increasing by an average of 2.3% from 2017 to 2019.
- If Charlotte’s rent growth had continued on its own pre-pandemic trajectory, the median rent today would be $1,424, which is 3% above the actual price observed today.
See the full report to learn more about this milestone and what it means for the rental market. The report includes an interactive version of the chart above that allows you to explore data in your market and others.
