MECKLENBURG COUNTY, N.C. — Rental prices have gone up in Charlotte, increasing more than 20% over the last three years, according to an annual report from Rent.
Prices are going in the opposite direction of what researchers say is a nationwide decrease in rent prices. From May 2022 to May of this year, rents have dropped by half a percent in many areas with hot housing markets, leading to the national median rent price coming down.
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"The rental market will tend to follow the housing market," Jon Leckie, a researcher at Rent, told WCNC Charlotte. "As it cooled off during the pandemic, in some areas, rents soon followed."
Leckie said that in some markets with really high rents, like the Pacific Northwest, residents are finally seeing some relief. That isn't the case in Charlotte, where prices continue to reach new highs.
"Charlotte really didn't ever see that drop or a peak in rents," Leckie explained. "So, now you're seeing more expensive rent prices, and it's the most expensive it's ever been at the moment."
From May 2022 to May of this year, rent prices rose nearly 8% in Charlotte. That number ballooned to 16% when looking from May 2021 to May 2023. The median rent price in Charlotte is $1,959, according to the report.
Short supply is driving up demand for housing that is reasonable, which is not helping prices. Leckie said that oftentimes people are looking outside of Charlotte proper to find more bang for their buck.
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