After five consecutive months of rent declines, the national median rent price ticked up 0.3% in February, according to the latest data from Apartment List. This signals the start of the rental market’s annual upswing, and based on historical seasonal patterns we expect prices will continue to rise for several more months. But market conditions could prevent runaway rent inflation like we saw during the busy seasons in 2021 and 2022.
For the latest data, see their March Rental Report.
Some highlights for Charlotte include:
Rents in Charlotte increased 0.1% month-over-month in February, compared to a 0.3% increase nationally.
Year-over-year rent growth in Charlotte currently stands at 4.8%, compared to 0.6% at this time last year. Year-over-year growth in Charlotte ranks #22 fastest among the nation’s 100 largest cities. Rents in Charlotte are up by 23.6% since the start of the pandemic in March 2020.
Median rents in Charlotte currently stand at $1314 for a 1-bedroom apartment and $1440 for a two-bedroom.