Charlotte Rent Report: October 2023

Welcome to the Apartment List October 2023 Rent Report for Charlotte, NC. Currently, the overall median rent in the city stands at $1,494, after falling 0.6% last month. Prices are now down 2.4% 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 down 0.6% month-over-month and down 2.4% year-over-year

The median rent in Charlotte fell by 0.6% over the course of September, and has now decreased by a total of 2.4% over the past 12 months. Charlotte’s rent growth over the past year has is similar to the state average (-2.5%) but has fallen below the national average (-1.2%).

Charlotte rent growth in 2023 pacing below last year

Nine months into the year, rents in Charlotte have risen 1.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to September 2022 rents had increased 8.5%.

September rent growth in Charlotte ranked #61 among large U.S. cities

Charlotte rents went down 0.6% in the past month, compared to the national rate of -0.5%. Among the nation's 100 largest cities, this ranks #61. Similar monthly rent growth took place in Cincinnati, OH (-0.6%) and Richmond, VA (-0.6%).

Charlotte is the #42 most expensive large city in the U.S., with a median rent of $1,494

Citywide, the median rent currently stands at $1,322 for a 1-bedroom apartment and $1,448 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,494. 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 $1,170 for a 1-bedroom, $1,341 for a 2-bedroom, and $1,364 overall. The median rent in Charlotte is 9.5% higher than the national, and is similar to the prices you would find in Atlanta, GA ($1,496) and Raleigh, NC ($1,489).

Charlotte rents are 4.8% higher than the metro-wide median

If we expand our view to the wider Charlotte metro area, the median rent is $1,426 meaning that the median price in Charlotte proper ($1,494) is 4.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.8%, 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 $1,875. Concord is the metro’s most affordable city, with a median rent of $1,287. The metro's fastest annual rent growth is occurring in Gastonia (7.1%) while the slowest is in Mooresville (-3.3%).

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