Rents are still on the rise nationwide. Here’s how Charlotte’s faring in new report
Rent prices continue to rise in most states and metro areas across the country, according to a recent report, and Charlotte isn’t immune to the phenomenon and ensuing issues.
Average rents for both one- and two-bedroom apartments are still going up month-over-month across most of the country, Rent.com said in its monthly report.
And there’s also been “steep growth” year-over-year.
The report comes as home sale prices also continue to rise, raising concerns about access to affordable housing in Charlotte and beyond.
Here’s what to know about rent prices in Charlotte and how they compare to the rest of North Carolina and the country:
Average rent in Charlotte
The average rent for a one-bedroom apartment in Charlotte was $1,513 in April, Rent.com said. That’s up 11.12% year-over-year.
A two-bedroom apartment, according to the real estate site, will cost you on average $1,730 per month in rent. That figure is actually down slightly — 0.5% — year-over-year.
How do rents in Charlotte compare to the rest of North Carolina?
At the state level, rents in North Carolina are up an average of 27.39% year-over-year, Rent.com’s report said.
Average rents for one-bedroom apartments were also up in April in the other North Carolina communities included in the report — Durham, Raleigh, Greensboro and Winston-Salem.
The average one-bedroom rents in both Durham and Raleigh for April were higher than Charlotte’s average — $1,636 and $1,587, respectively — and outpaced Charlotte’s average in year-over-year growth. While the average rent in Winston-Salem was less than Charlotte’s, rents in Winston-Salem went up at a higher rate than in Charlotte, Rent.com found. And Greensboro had both a lower average and year-over-year growth rate.
The two-bedroom rent situation was similar, the report said.
A two-bedroom apartment will cost you more in Raleigh than in Charlotte on average, $1,766 as of April, and that number is rising at a clip of 32.41% year-over-year.
Durham’s average two-bedroom rent was slightly lower than Charlotte’s, $1,695, but that number is rising at a rate of 16.09% year-over-year. Rents were also lower in Winston-Salem and Greensboro but rising as of April, per Rent.com.
How do rents in Charlotte compare to the rest of the country?
Charlotte’s average rents may be steep, but they’re lower than the national averages in Rent.com’s latest report.
A one-bedroom apartment will run you $1,751 on average in the U.S. as of April, up 3.2% month-over-month and 26.5% year-over-year. For a two-bedroom apartment, Americans are paying an average of $2,065 in rent, up 0.7% month-over-month and 25.7% year-over-year.
The nationwide trend of rising rents is also evident when you look at individual markets across the country, Rent.com said. The latest rent report found average rents for one-bedroom apartments were up in 95.5% of markets and up in 93.5% of markets for two-bedroom apartments.
