Charlotte, NC Rental Market Trends

Charlotte Rent Report: February 2024

Welcome to the Apartment List February 2024 Rent Report for Charlotte, NC. Currently, the overall median rent in the city stands at $1,442, roughly the same as last month. Prices are now down 2.5% year-over-year. Read on to learn more about what’s been happening in the Charlotte rental market and how it compares to trends throughout the broader Charlotte metro area and the nation as a whole.

Charlotte rents are flat month-over-month and down 2.5% year-over-year

The median rent in Charlotte fell by 0.4% over the course of January, and has now decreased by a total of 2.5% over the past 12 months. Charlotte’s rent growth over the past year has is similar to the state average (-2.2%) but has fallen below the national average (-1.0%).

January rent growth in Charlotte ranked #54 among large U.S. cities

Charlotte rents went down 0.4% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #54. Similar monthly rent growth took place in Arlington, VA (-0.4%) and Indianapolis, IN (-0.5%).

Charlotte is the #45 most expensive large city in the U.S., with a median rent of $1,442

Citywide, the median rent currently stands at $1,311 for a 1-bedroom apartment and $1,430 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,442. That ranks #45 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,207 for a 1-bedroom, $1,359 for a 2-bedroom, and $1,373 overall. The median rent in Charlotte is 5.0% higher than the national, and is similar to the prices you would find in Colorado Springs, CO ($1,448) and St. Petersburg, FL ($1,434).

Charlotte rents are 5.7% higher than the metro-wide median

If we expand our view to the wider Charlotte metro area, the median rent is $1,364 meaning that the median price in Charlotte proper ($1,442) is 5.7% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.3%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 7 cities in the Charlotte metro area that are included in our database. Among them, Huntersville is currently the most expensive, with a median rent of $1,640. Gastonia is the metro’s most affordable city, with a median rent of $1,218. The metro's fastest annual rent growth is occurring in Gastonia (1.5%) while the slowest is in Rock Hill (-6.2%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Charlotte
$1,311
$1,430
-0.4%
-2.5%
Cornelius
$1,200
$1,437
2.2%
-3.9%
Gastonia
$979
$1,211
-2.3%
1.5%
Huntersville
$1,354
$1,576
-0.7%
-0.5%
Matthews
$1,449
$1,632
-0.5%
-2.6%
Mooresville
$1,284
$1,428
-0.5%
-5.2%
Rock Hill
$1,151
$1,208
-1.0%
-6.2%
See More

You can also use the map below to explore the latest rent trends in the Charlotte metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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