Here’s how much it costs to rent a new studio apartment in Charlotte. (Spoiler: It ain’t cheap)
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:
Solis Ballantyne
9550 Community House Road.
$1,042: Rent for a 613 square-foot studio ($1.70/sf)
$2,405: Rent for a 1,479 sf three-bedroom ($1.63/sf)
One305 Central, Plaza Midwood
1305 Central Ave.
$1,065: Rent for a 545 square-foot studio ($1.95/sf)
$1,935: Rent for a 1,178 square-foot two-bedroom ($1.64/sf)
The Lexington Dilworth
1100 Euclid Ave.
$1,195: Rent for a 530 square-foot studio ($2.25/sf)
$2,795: Rent for a 1,390 square-foot studio ($2.01/sf)
The Abbey, Madison Park
1342 Abbey Place.
$1,079: Rent for a 606 square-foot studio ($1.78/sf)
$2,399: Rent for a 1,323 square-foot three-bedroom ($1.81/sf)
The Ascent, Uptown
224 W. 3rd St.
$1,470: Rent for a 472 square-foot studio ($3.11/sf)
$3,115: Rent for a 1,384 square-foot two-bedroom ($2.25/sf)
Photo: David T. Foster III/Charlotte Observer
This story was originally published February 13, 2017 at 10:00 PM with the headline "Here’s how much it costs to rent a new studio apartment in Charlotte. (Spoiler: It ain’t cheap)."