Charlotte, NC Rental Market Trends
Charlotte Rent Report: February 2023
Welcome to the Apartment List February 2023 Rent Report for Charlotte, NC. Currently, the overall median rent in the city stands at $1,487, roughly the same as last month. Prices remain up 5.4% 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 up 5.4% year-over-year
The median rent in Charlotte fell by 0.3% over the course of January, and has now increased by a total of 5.4% over the past 12 months. Charlotte’s rent growth over the past year has is similar to the state average (4.7%) and has outpaced the national average (3.3%).
January rent growth in Charlotte ranked #48 among large U.S. cities
Charlotte rents went down 0.3% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #48. Similar monthly rent growth took place in Chicago, IL (-0.3%) and Houston, TX (-0.3%).
Charlotte is the #42 most expensive large city in the U.S., with a median rent of $1,487
Citywide, the median rent currently stands at $1,315 for a 1-bedroom apartment and $1,441 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,487. That ranks #42 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall. The median rent in Charlotte is 11.1% higher than the national, and is similar to the prices you would find in Mesa, AZ ($1,490) and Tacoma, WA ($1,483).
Charlotte rents are 5.0% higher than the metro-wide median
If we expand our view to the wider Charlotte metro area, the median rent is $1,416 meaning that the median price in Charlotte proper ($1,487) is 5.0% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 5.5%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 6 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 $1,811. Concord is the metro’s most affordable city, with a median rent of $1,241. The metro's fastest annual rent growth is occurring in Matthews (11.1%) while the slowest is in Concord (2.2%).
You can also use the map below to explore the latest rent trends in the Charlotte metropolitan area.
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.
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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