As 2023 came to a close, rent prices across the country continued on a downward trend that began in late summer. December saw rents fall 0.8% nationwide – marking the fifth consecutive month of declines. Today, the median monthly rent in the U.S. is down $45 (3.2%) from the mid-year peak last August. Seasonality plays a role in these market fluctuations, with rents typically bottoming out around the end of the year before starting to regain ground. Now is the time when renters have the most sway in lease negotiations, but it likely won’t be long before rents begin to trend up again.
For the latest data, see our full January Rent Report here. Some highlights include:
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The rental market is squarely in the winter slow season, and after falling another 1.2% in December, rents in Charlotte are down 4.0% 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 $1,317 for a one-bedroom apartment and $1,436 for a two-bedroom apartment.
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If historical seasonal patterns hold, the Charlotte rent report shows 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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