Even though Charlotte continues to build an ever-increasing number of apartment complexes, rents across our city continue to grow, according to a new report by Apartment List. Over the past month, we saw a city-wide increase of 0.4%, and a 1.5% increase over this time last year.
Currently, median rents in Charlotte stand at $960 for a one-bedroom apartment and $1,120 for a two-bedroom. This is the sixth straight month that the city has seen rent increases after a decline in January. Charlotte’s year-over-year rent growth leads the state average of 0.9%, as well as the national average of 1.2%.
Rents rising across cities in North Carolina
Throughout the past year, rent increases have been occurring not just in the city of Charlotte, but across the entire state. Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise. The state as a whole logged rent growth of 0.9% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Cary is the most expensive of all North Carolina’s major cities, with a median two-bedroom rent of $1,240; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Wilmington experiencing the fastest growth (+2.8%).
- Winston-Salem, High Point, and Greensboro have all experienced year-over-year growth above the state average (2.5%, 2.5%, and 2.3%, respectively).
Charlotte rents more affordable than many comparable cities nationwide
As rents have increased slightly in Charlotte, similar cities nationwide have seen rents grow more quickly. Charlotte is still more affordable than most other large cities across the country.
- Charlotte’s median two-bedroom rent of $1,120 is below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 1.5% increase in Charlotte.
- While Charlotte’s rents rose slightly over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Minneapolis (-0.4%).
- Renters will find more reasonable prices in Charlotte than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Charlotte.
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