CHARLOTTE, N.C. — Data from the US Census Bureau shows more than 35% of households in the U.S. rent homes.
A recent study from NerdWallet shows it's becoming more expensive than ever to rent, especially since the beginning of the pandemic. Charlotte is no exception.
WCNC Charlotte is sharing some tips to negotiate your rent down so that you’re not left asking where's the money.
A Harvard study found that in 2022, half of all renters spent 30% or more of their income on rent and utilities. By federal standards, NerdWallet says people spending more than 50 % of their rent means a “household is severely rent burdened.”
But is there anything you can do to alleviate some of the pain? Kate Terhune with Rent, an apartment search engine, says yes you just need to know the right questions to ask.
"So this month, the average asking rent in Charlotte is about $1,900. That's down 1.5% from last year, but it's up slightly at 1% from last month," Terhune said.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
If that sounds pretty high, Terhune said we’re on trend with other large cities in the region
"So regionally speaking, we're at about an average acting rent for Charlotte," she said.
Terhune said that number is still high across the nation
"There's more people looking to rent right now," Terhune said. "And with mortgage rates being as high as they are, that's pushing more and more renters to the rental market."
And if you’re apartment hunting right now, this can sound a little discouraging, but Terhune said you’re not completely out of options.
"So my negotiation tips are as follows though, number one, make a list," she said. "Include your "must-haves" and your "nice-to-have." Know what you're looking for in an apartment and use that to inform your search."
Terhune said once you have your list in hand, make sure you take it with you when you go on your apartment tour.
"Nothing compares to viewing a property in real life," Terhune said.
And if you’re already in your place and looking to renew? Terhune said you have more leverage than you think as a current resident.
"You have a lot of negotiation power, it is very expensive to find a new renter," Terhune said. "Marketing prices are going up. I would take a look back at all of your history at that property. did you make your rent payments on time?"
And finally, Terhune said do you research and let it work in your power.
"Say 'hey, apartment community down the street... they're offering cheaper rent than here. Can we match that deal and update with you,'" Terhune explained.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.