What experts are calling a “perfect storm” of factors has driven rents to all-time highs, and Charlotte is no exception.
The national average apartment rent jumped to $1,736 per month in the second quarter — a 17% increase from a year ago — according to data from RealPage Market Analytics. That amounts to a $251 increase per month at a time when inflation is soaring across the nation.
Across the Charlotte-Concord-Gastonia metro area, average rent in the second quarter rose to $1,539 per month, up 19.3% from $1,290 the same period a year ago, the data shows. Average monthly rent soared 41.7% compared to the second quarter of 2018, when it was pegged at $1,086.
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(WATCH BELOW: ‘It was shocking’: Rising prices have Charlotte renters paying more)