Throughout this year we’ve frequently reported on the slight dip in rent prices across the country, as rents remain substantially higher than they were at the start of the pandemic. But we’re also seeing that the rapid rent growth of recent years has been eclipsed by even faster growth in for-sale home prices. Even as both sides of the housing market have cooled significantly from their peaks, this gap continues to widen.Here are some highlights from the latest report for Charlotte:
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Since March 2020, the median rent in Charlotte has increased by 26.6%, while over the same period, for-sale home prices are up 2.1 times as much (56.2%).
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Rents and home prices in Charlotte both experienced modest dips after peaking in 2022. As of the latest data, Charlotte’s rents remain below that 2022 peak by 1.8% while local for-sale prices are 1.1% above the peak.
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The gap between the costs of renting and owning are further exacerbated by elevated mortgage rates, which have put even further strain on the monthly costs of homeownership.
