This month our national rent index jumped another 2.5%, tying last month’s record-setting growth. With inflation concerns heating up, the national median rent has now increased by 11.5% in 2021, and is 9.4% above the pre-pandemic level from March 2020.
Rents in Charlotte have increased 2.7% month-over-month, compared to 2.5% nationally. Month-over-month growth in Charlotte ranks #44 among the nation’s 100 largest cities. Our year-over-year rent growth here in Charlotte currently stands at 13.3%, compared to -2.7% at this time last year. Median rents in Charlotte currently stand at $1206 for a 1-bedroom apartment and $1348 for a two-bedroom.
Rents are still below pre-pandemic levels in a handful of pricey markets (e.g., San Francisco, NYC), but even in these cities prices are quickly rebounding. In fact, rents are now increasing in virtually all of the nation’s 100 largest cities.
For more analysis of the newest monthly data, check out the full August Rent Report here.