Renting an apartment in Charlotte isn’t as cheap as is used to be, but it’s a heck of a lot less expensive than in San Francisco, New York City or Washington, D.C.
According to the latest price survey by ApartmentList.com, Charlotte averaged $840 a month for a one-bedroom and $930 a month for a two-bedroom.
And if you’ve been wondering why so many developers are building apartments now, here’s one reason: Rents are still going up. The average rent for a one-bedroom was up 5.2 percent from last year, and the average rent for a two-bedroom was up 4.7 percent.
In trendy neighborhoods and the newest, high-end apartments, those numbers are certainly higher. Apartments in the Catalyst tower uptown start at $1,299 a month, for example.
Still, those rents are small compared with other cities. Here’s how much it would cost, on average, to rent a two-bedroom in the five most expensive cities:
▪ Boston: $2,500.
▪ Miami: $2,700.
▪ Washington, D.C.: $2,860.
▪ New York: $3,250.
▪ San Francisco: $4,520.
So, now you’ve got something to gloat to your friends in bigger cities about. (Or is that just me?) And with a record number of new apartments coming online in Charlotte in the next few years, rent growth could slow.