New Report Says Charlotte Rent Is Falling Faster Than Most Cities In The United States

Have you noticed all the new apartment buildings popping up in the Queen City? Seems there is one on just about every corner. A new report says Charlotte rent is falling faster than in most cities in the United States. And that is great news for renters who previously have not been able to afford living in the city. New Report Says Charlotte Rent Is Falling Faster Than Most Cities A new report by realtor.com says, rent prices in Charlotte are among some of the fastest falling in America. Rent has reportedly dropped 5.2 percent in the Charlotte area from June 2023. According to our source the Charlotte Observer, Charlotte's rents have dropped the 6th most of any major metro in the country. Austin, Texas showed the steepest drop in rent at 9.5%. Realtor.Com Looked At Several Factors The report looks at a variety of factors including the size and location of the apartments. For example is the apartment one or two bedrooms. It also looks at condos and rental homes. Rent in Charlotte is just 189$ more than it was in pre pandemic 2019. Still lower than other metro cities like Raleigh. Why Is Charlotte Rent Decreasing So why is Charlotte rent decreasing? You can look around and see that there are plenty of new apartment buildings popping up in North Carolina's largest city. Realtor.com says, An increase in rental supply is one of the primary factors driving the city’s rent decline. And everyone can see there are plenty of apartments to choose from. And all those apartments need to be filled. (Photo by Joe Raedle/Getty Images) Even though Charlotte rent is decreasing, affordability is still an issue. This past June the Charlotte median rent was $1,527. In June 2019, it was $1,338. That is a $189 difference. And that is not terrible in a five year margin. The problem is salaries aren't increasing enough for some . A new report says Charlotte rent is falling faster than in most cities in the United States. To learn more about it go straight to the source at realtor.com.