After a wild summer in which the rental market saw unprecedented price drops, rents are beginning to line up with seasonal expectations. As the market cools in the fall, rents are down 0.5% month-over-month, consistent with the last two years.
But the fallout from the COVID-19 pandemic has been unequal, so while the national rent index is down 1.3% year-over-year, there is tremendous regional variation beneath the surface. San Francisco, Seattle, Boston, and New York City continue to lead the nation in pandemic rent drops, while smaller markets like Boise and Central California are getting more expensive.
Here are the most recent figures from the Charlotte market:
Rents in Charlotte increased 0.1% month-over-month, and are down by 2.3% since the start of the pandemic in March.
Year-over-year rent growth in Charlotte currently stands at -1.7%, compared to 2.7% at this time last year.
Median rents in Charlotte currently stand at $1069 for a 1-bedroom apartment and $1195 for a two-bedroom.
If you’re thinking that rents are now too high and you’d like to buy a home, Charlotte Stories has partnered with the best real estate agents in every part of our region.
If you’re thinking about buying a home in or around Charlotte, let us connect you with a top agent in your area by filling out the form below: