Rents are still on the rise despite a record number of new apartments under construction in Charlotte, and it’s tough to find even a studio in brand-new buildings for under $1,000 a month.
After seeing the $1,470-for-a-studio rents at the Ascent apartment tower uptown last month, which is nearing completion, I decided to look at the smallest and largest units in five new apartment buildings around town. For some reference, the average rent for all apartments in the Charlotte region is $1,052 a month, according to the latest stats from tracking service Real Data.
And there are some caveats, of course. Many new buildings offer concessions, or breaks on rent, while they’re first leasing units to new renters. That means the price you actually pay might be less than the advertised sticker price (For example, one month of free rent at $1,500 a month is effectively the same as a $125 per month discount over a full year). And though the prices on these apartments might seem high, they come loaded with amenities – everything from upscale appliances to pet spas to dedicated massage rooms.
Here’s how the rents break down at five brand-spanking-new apartments in Charlotte:
$1,042Rent for a 613 square-foot studio ($1.70/sf)
$2,405Rent for a 1,479 sf three-bedroom ($1.63/sf)
$1,065Rent for a 545 square-foot studio ($1.95/sf)
$1,935Rent for a 1,178 square-foot two-bedroom ($1.64/sf)
The Lexington Dilworth
$1,195Rent for a 530 square-foot studio ($2.25/sf)
$2,795Rent for a 1,390 square-foot studio ($2.01/sf)
$1,079Rent for a 606 square-foot studio ($1.78/sf)
$2,399Rent for a 1,323 square-foot three-bedroom ($1.81/sf)
$1,470Rent for a 472 square-foot studio ($3.11/sf)
$3,115Rent for a 1,384 square-foot two-bedroom ($2.25/sf)