New data shows a record number of Charlotte renters are searching for a new place to live on Apartments.com. Prospective renters are enthusiastic about the market, searching for cheaper rents, taking advantage of increased concessions, and looking for properties with more space.
The number of renters searching for an apartment in Charlotte peaked in July and September, increasing significantly since last year. The recent rise in search history suggests tenants are no longer putting their apartment hunt on pause, rather they’re moving out of expensive, relatively smaller units in search of larger living spaces that can better accommodate working from home, multi-family living scenarios, etc.
Rents have returned to pre-pandemic levels after falling significantly in the initial months of COVID19. However, expensive supply-heavy submarkets were hit the hardest by the rent losses during the pandemic. Rents in Uptown, have fallen more than 8% over the past year, while other supply heavy areas like South End and South Park have seen rents decrease by more than 2% over the past year.
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