If you’ve noticed a spike in rent prices, you’re not alone.
While updating the best apartments guide, I noticed rates were up by more than just a couple hundred dollars. Here’s a look at how much some apartments have increased from last year.
What’s happening: When comparing last year’s list of best apartments to this year, I found that the average rent of a one-bedroom went up by 28.12%.
- The data was consistent across nine Charlotte neighborhoods between May 2021 and May 2022.
- The neighborhoods with the highest rent hikes were areas around Montford Drive and Madison Park; NoDa; Optimist Park.
Why it matters: Housing becomes a cost burden when people spend more than 30% of their monthly income on rent/utilities.
- Approximately 1% of apartments in Mecklenburg County cost less than $1,000 a month, according to county economist Michael Brandon Simmons, who reported this statistic in a January Mecklenburg County commissioners meeting.
- Go deeper: Charlotte’s affordable housing efforts can’t keep pace with the city’s growing need.
By the numbers: Average apartment rent in Mecklenburg County costs $1,501 per month, which includes everything from studios to four-bedrooms. Here’s what you need to earn annually based on the 30% metric, per the county:
- One-bedroom, above $56,268
- Two-bedroom, above $70,704
- Three-bedroom, above $78,876
Between the lines: It’s cheaper to rent than to buy in Mecklenburg County.
Related story: Charlotte homebuyers overpaying by more than $100k, study finds