Our first data update of 2024 shows nationwide rents down another 0.3% in January, capping off a slow winter season where rents fell for six consecutive months. Today, rent is at its lowest level since March 2022. Looking ahead to the rest of the year, the start of the moving season should provide a boost of demand, but strong supply growth is expected to keep rents from skyrocketing.
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Rents in Charlotte fell 0.4% in January, compared to a 0.3% decrease nationwide.
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Year-over-year rent growth in Charlotte now stands at -2.5%, down from +4.8% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 19.3%.
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Today the median rent in Charlotte is $1,311 for a one-bedroom unit and $1,430 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 7.6%, up 0.8 percentage points from this time last year.
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