According to a new report by Rent Cafe, this year, peak rental season returned to pre-pandemic levels. While 2020 saw a 12% drop in overall renter activity during the first half of the year, renter movement during the same period this year went up by 13%.
Charlotte saw an 8% increase in renter movement during the first half of 2021 compared to the same period in 2020. Renter activity here was mostly driven by people applying for apartments from outside the city.
Here’s what the data reveals about the Queen City:
- The number of renters applying from other cities to come live in Charlotte rose by 20% this first half of year compared to the same period in 2020.
- Renters already living in Charlotte and applying for different apartments within the city moved around a little less this year, as there was a 2% drop in their number of applications.
- If we look at demographics, Gen Z renter applications to move to and within The Queen City saw a 46% increase since the first half of 2020 to the same time this year, currently making up 25% of the renter activity here.
- As far as income goes, more high-earning renters applied to move to or within Charlotte during the first months of 2021 compared to the same period last year. This year there are 20% more renters in Charlotte earning over $100K/year, and 20% more with incomes over $75K/year.
