100 Cheap Apartments for rent in Charlotte, NC
July 2020 Charlotte Rent Report
Welcome to the July 2020 Charlotte Rent Report. Charlotte rents declined over the past month. In this report, we'll evaluate trends in the Charlotte rental market, including comparisons to cities throughout the state and nation.
July 2020 Charlotte Rent Report
Welcome to the July 2020 Charlotte Rent Report. Charlotte rents declined over the past month. In this report, we'll evaluate trends in the Charlotte rental market, including comparisons to cities throughout the state and nation.
Charlotte rents declined significantly over the past month
Charlotte rents have declined 0.5% over the past month, and have decreased slightly by 0.4% in comparison to the same time last year. Currently, median rents in Charlotte stand at $977 for a one-bedroom apartment and $1,139 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in March. Charlotte's year-over-year rent growth lags the state and national averages, which both stand at 0.2%.
Rents steady across cities in North Carolina
While rent decreases have been occurring in the city of Charlotte over the past year, trends across other cities in the state have varied. Of the largest 10 cities that we have data for in North Carolina, half have seen prices drop while others are seeing them rise. The state as a whole logged rent growth of 0.2% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Cary is the most expensive of all North Carolina's major cities, with a median two-bedroom rent of $1,289; of the 10 largest North Carolina cities that we have data for, 5 have seen rents fall year-over-year, with Wilmington experiencing the fastest decline (-4.2%).
- Greenville, Winston-Salem, and Greensboro have all experienced year-over-year growth above the state average (2.0%, 1.8%, and 0.8%, respectively).
Charlotte rents more affordable than many similar cities nationwide
As rents have fallen slightly in Charlotte, a few comparable cities nationwide have seen prices increase, in some cases substantially. Charlotte is also more affordable than most other large cities across the country.
- Charlotte's median two-bedroom rent of $1,139 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While rents in Charlotte fell slightly over the past year, the city of Phoenix saw an increase of 1.9%.
- Renters will find more reasonable prices in Charlotte than most comparable cities. For example, San Francisco has a median 2BR rent of $3,035, which is more than two-and-a-half times the price in Charlotte.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.