Rent growth is slowing down for the season, a welcome sign for apartment hunters who have battled rapid price increases throughout the pandemic.The national median rent increased just 0.5% in August, down from over 1% in July. In most places, rents are still rising a bit faster than they did in pre-pandemic years, but much slower than they did last year.
The September Rent Report from Apartment List shows the following highlights for the Charlotte market:
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Rents in Charlotte increased 0.6% month-over-month in August, compared to a 0.5% increase nationally. Month-over-month growth in Charlotte ranks #35 among the nation’s 100 largest cities.
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Year-over-year rent growth in Charlotte currently stands at 14.5%, compared to 15.6% at this time last year. Year-over-year growth in Charlotte ranks #15 among the nation’s 100 largest cities. Rents in Charlotte are up by 29% since the start of the pandemic in March 2020.
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Median rents in Charlotte currently stand at $1373 for a 1-bedroom apartment and $1504 for a two-bedroom.
Check out the full report here, and for a complete look at national trends, read our national report.