Bad news if you’re a renter in Charlotte: Apartment prices are still rising.
The latest report from Zumper, which tracks apartment rents in the largest U.S. cities, shows Charlotte is now tied with Houston as the 21st most-expensive city in which to rent. That’s despite a massive wave of more than 12,300 apartments under construction and another 13,500 planned. Most are high-end apartments with rents to match, and aren’t bringing down average rental rates in Charlotte as they open.
Here are some of the key numbers from Zumper’s report for March (available online here):
$990Average rent for a one-bedroom in Charlotte
6.5 percentHow much the average rent for a one-bedroom in Charlotte is up from a year ago
$1,120 Average rent for a two-bedroom in Charlotte
1.8 percentHow much the average rent for a two-bedroom in Charlotte is up from a year ago
$4,870 Average rent for a two-bedroom in San Francisco, the most expensive market in the U.S.
Take heart, though: Rents aren’t shooting up everywhere. You can always move to Wichita, which Zumper ranks as the cheapest city to rent in the U.S. Top 50. The average price there for a one-bedroom apartment: $450, down 6.3 percent from last year.