The rental market turned a corner this month, with prices rising 0.2% nationwide in February and trending up for the first time in half a year. On an annualized basis, rent growth remains negative at -1%, meaning that on average, new leases remain marginally cheaper than they were one year ago. But we expect the coming months to bring steady, moderate rent growth as housing demand improves but is partially offset by new construction.
Some highlights include:
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Rents in Charlotte fell 0.2% in February, compared to a 0.2% increase nationwide.
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Year-over-year rent growth in Charlotte now stands at -2.8%, down from +4.4% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 19%.
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Today the median rent in Charlotte is $1,308 for a one-bedroom unit and $1,426 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 7.9%, up 1.1 percentage points from this time last year.
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