Are rents in Charlotte going down? Here’s the market outlook, according to latest report
After facing surging rent prices across much of Charlotte in recent years, a new report on average rents has some good news for renters: rates may be starting to come back down.
But despite a potential cause for optimism for local renters, the area market is still seeing relatively high average rents, according to the latest numbers. That’s in line with national trends.
A one-bedroom apartment in Charlotte will cost you, on average, $1,434 a month, Rent’s latest report said. And, according to the report, the average rent for a two-bedroom apartment is $1,428.
In comparison, the national average for rent, per Rent, is $1,721 for a one-bedroom apartment and $2,054 for a two-bedroom apartment.
Are rents going down in Charlotte?
While rents are still high in the Charlotte area, there were some bright spots for local renters in the latest numbers.
Charlotte’s average rent for a one-bedroom apartment has ticked down slightly over the last year, by 1.35%, according to Rent’s report.
Two other North Carolina cities -- Greensboro and Durham -- were among the top ten cities for “the biggest increases in one-bedroom rent prices year-over-year.”
The situation has shifted more dramatically when it comes to two-bedroom apartments, with Rent reporting the average rent for those in Charlotte has fallen 27.3% in the last year. That leads the nation, the report notes.
Nearby Durham, per the report, saw the biggest increase in the nation in average rent for a two-bedroom apartment over the same time period, up 49%. Greensboro and Fayetteville also made the top ten list for biggest year-over-year increases in average rent for two-bedroom apartments.
Which Charlotte neighborhoods are most, least expensive for renters?
In addition to citywide trends, rent rates can also vary widely across the Charlotte area’s many ZIP codes.
The median rent as of September in the 28134 ZIP code — which includes the Pineville community — was $2,455, according to data from RentHub. Meanwhile, the median rent at the same time in the 28012 ZIP code — which includes the Belmont area — was $1,695.
Use the map below to explore how rents compare across the Charlotte region:
