Photo: Andy Weber
Charlotte and Atlanta are constantly being compared. While it’s becoming more expensive to rent in both cities, rents in Charlotte are increasing faster than they are in Atlanta.
What’s happening: The national average rent rate rose to $1,706 in July and recent reports show Atlanta and Charlotte rates are relatively close in price point, according to RentCafe, an apartment-search website.
- Atlanta residents pay an average of $1,861 for an average 971-square-foot apartment.
- Charlotte residents pay an average $1,639 for an average 942-square-foot apartment.
Why it matters: Charlotte is listed as one of the top 10 cities with the fastest metro-level rent growth, according to Apartment List.
- In one year, rental rates increased 17% in Charlotte, making it the 7th highest yearly increase compared to other metros.
- Over the past six months, Charlotte’s rent rates have increased 9%, ranking it number 10 among other metros.
- Atlanta experienced a 10% year-over-year increase in rental rates, according to a recent report.
The big picture: According to RentCafe, rent prices vary on a number of factors, with one of them being location.
- The most affordable neighborhood in Atlanta is also within the inner part of the city, Atlanta University Center. The average rent there is $1,131.
- One of the most affordable neighborhoods in Charlotte, which is farther away from the inner part of the city, Bradfield Farms, has an average rent price of $1,214.
- In some of the priciest neighborhoods in Atlanta (Buckhead Heights and Lennox), average rents are $2,477. That compares to $2,650 in Eastover, one of Charlotte’s most expensive neighborhoods.
The bottom line: While it’s generally cheaper to rent in Charlotte over Atlanta, rents here are soaring.
Related story: Rent Comparison: Charlotte vs New York City apartment rates
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"It's good. I promise." - Emma