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