Charlotte Rental Charges Now Down 1.8% YoY – August 2023 Hire Report

The rental market hit a serious milestone this month: nationwide hire development has fallen beneath zero for the primary time for the reason that early pandemic. Hire development is generally peaking presently of yr, however proper now it’s decelerating as sluggish demand collides with a powerful incoming provide of latest residences. The nationwide emptiness price is increased right now than at any level throughout the pandemic (and continues to rise), signaling that hire development will stay sluggish for the remainder of the yr.
  • Rents in Charlotte elevated 0.3% in July, in comparison with a 0.3% enhance nationwide.

  • Yr-over-year hire development in Charlotte now stands at -1.8%, down from +16.9% one yr in the past. For the reason that begin of the COVID-19 pandemic in March 2020, citywide rents have risen a complete of 25.3%.

  • Right now the median hire in Charlotte is $1,335 for a one-bedroom unit and $1,462 for a two-bedroom unit. And the citywide house emptiness price stands at 8.5%, up 2.8 proportion factors from this time final yr.