Charlotte rent remains below national average

Charlotte rent remains below national average

Photo: Katie Peralta Soloff/Axios

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Average monthly rent is up 15% year-over-year in Charlotte. But it’s still cheaper here than other metros of a similar size nationwide.

Average rent in Charlotte is $1,472 a month and the average footprint is 942 square feet, according to RENTCafé’s latest report.

Why it matters: 41% of the housing in Charlotte is renter occupied, RENTCafé notes. While renters moving from larger metros might find the city affordable, longtime residents are getting priced out.

What’s happening: We’re quickly catching up to the national average rent price tag. The average national rent is $1,510, and $1,472 in Charlotte.

  • The national average rent has increased 12% since July 2018. Charlotte’s rent jumped 24% since then.

Yes, but: Apartments in Charlotte still tend to be cheaper and larger than in other metros. For example, the average apartment in Manhattan is $4,072 a month and only 702 square feet, compared to the $1,472 for 942 square feet here.

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  • In Austin, where the average rent is more comparable to Charlotte’s, you still get less space for your money. The average apartment in Austin is 864 square feet and $1,619 a month.
Data: RENTCafé; Chart: Sara Wise/Axios

By the numbers: More than half, 51%, of apartments in Charlotte cost between $1,001-$1,500 a month to rent, according to RENTCafé’s breakdown.

  • 1% are below $501-$700 a month
  • 11% are $701-$1,000
  • 27% are $1,500-$2,000
  • 10% are over $2,000

The most expensive neighborhoods across Charlotte are located in South End ($1,834), Uptown ($1,844) and Eastover ($2,166). 

  • Some of the most affordable neighborhoods are Shannon Park ($1,051), Idlewild ($1,058), North Sharon Amity ($1,058), Eastland/Wilora Lake ($1,056), Wesley Heights $1,134 and Enderly Park $1,134.

Deals: Here are a few apartments currently available that are bigger than 900 square feet and less than $1,400 a month:

The bottom line: Charlotte’s getting pricier, but it’s still more affordable to rent here than most other cities, on average.

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