At the midpoint of the year, Charlotte rents looks very similar to what we saw in 2023: positive but slow rental rate growth during what are normally the busiest months.
Nationwide, rents rose $6 (0.4%) in June but remain $10 (0.7%) cheaper than one year ago. Demand for apartments has rebounded, but a steady supply of new construction has been giving renters plenty of options and keeping rent growth in check. Rent growth remains faster in the Midwest and Northeast, while markets in the South and West are seeing the sharpest declines. Similarly, in North Carolina, while renters benefit from a competitive market, they also face the additional cost of renters insurance, which averages around $160 annually. Bundling insurance policies and shopping around can help mitigate these costs, with some of the lowest rates in Charlotte starting at $101 per year.
For national and local data, you can read the full July Rent Report here.
Some highlights from the report include:
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Charlotte rents increased 0.4% in June, in line with the nationwide trend.
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Year-over-year rent growth in Charlotte now stands at -3.6%, ranking #9 slowest in the nation.
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Today the median rent in Charlotte is $1,314 for a one-bedroom unit and $1,433 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.1%, up 0.8 percentage points from this time last year.
