Charlotte’s current rent outpaces national average in 2023. See how big the gap is.
Across the U.S., rent costs are settling after surging over the last few years.
But in Charlotte, it’s a different story.
Among the 50 most populous U.S. metropolitan areas, Charlotte saw one of the greatest increases in rent prices year over year compared to the national average. According to recent data compiled by Rent.com, the median rent in Charlotte was $1,939 versus $1,937 nationally.
According to the Rent.com report, 29 metro cities saw yearly increases above the national median. Four of those metropolitan areas saw increases greater than 10 percent, including Charlotte.
Rent.com, which tracks listings for apartments and rental homes, looked at prices across bedroom types to determine which of the country’s most populated cities are becoming more affordable or more expensive for renters.
For the report, Rent.com analyzed rental property prices in February 2022 from their available inventory to identify median rent prices at the national, state and city levels. Its data combines inventory and bedroom types into one median cost that covers all available rental units at the time.
Here’s how Charlotte’s average rental rates compare to other cities around the country:
Raleigh-Cary, NC (+19.01 percent)
Cleveland-Elyria, OH (+18.36 percent)
Charlotte-Concord-Gastonia, NC-SC (+14.35 percent)
Columbus, OH (+12.64 percent)
Milwaukee-Waukesha, WI (+9.50 percent)
Nashville-Davidson-Murfreesboro-Franklin, TN (+9.01 percent)
Indianapolis-Carmel-Anderson, IN (+8.50 percent)
Kansas City, MO (+8.27 percent)
Hartford-East Hartford-Middletown, CT (+6.00 percent)
Providence-Warwick, RI-MA (+5.89 percent)
But according to Rent, Charlotte rental rates did decrease from February to March 2023 with a -1.05% month-over-month change.