Rents fluctuate up and down with the seasons, but November is usually when rents fall the fastest. This year is no exception; prices nationwide dropped 1% this month, capping a second consecutive slow winter for the rental market. Today, rents are down $32 (2.4%) from their mid-year peak in August.
Vacancies get harder to fill as we draw closer to the holidays, so now is the time when renters have the most sway in lease negotiations. In some regions like Austin TX, Atlanta GA, and much of the San Francisco Bay Area, renters will find new leases today for >5% less than if they had signed in the summer.
For the latest data, see our full December Rent Report here.
Some highlights include:
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The rental market is squarely in the winter slow season, and after falling 1.0% in November, rents in Charlotte are down 2.7% since their summer peak.
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As moving activity slows during the holidays, this is the time of year where renters find the best deals on apartments. Today the median rent in Charlotte is $1,296 for a one-bedroom unit and $1,420 for a two-bedroom unit.
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If historical seasonal patterns hold, rent growth should heat up once again in early 2024, but a strong supply of new units coming online next year should moderate prices a bit.
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