Development

Rent in Charlotte is going up faster than the national average, study says

A balcony view from one of the model units in Museum Tower on Tuesday, June 20, 2017. Museum Tower, developed by Childress Klein, totals 394 apartments atop the Mint Museum. The 43-story building is mostly complete, though workers are still finishing the rooftop amenity deck and pool.
A balcony view from one of the model units in Museum Tower on Tuesday, June 20, 2017. Museum Tower, developed by Childress Klein, totals 394 apartments atop the Mint Museum. The 43-story building is mostly complete, though workers are still finishing the rooftop amenity deck and pool. dtfoster@charlotteobserver.com

A new report from rental-listing site Apartments List shows that the cost of renting in Charlotte is going up faster than the U.S. average, as well as most cities in North Carolina.

Average rents increased 4.3 percent in Charlotte in June 2017, compared to the same month a year ago. That’s well above the national average increase of 2.9 percent, according to Apartments List.

The median rent for a one-bedroom apartment in Charlotte hit $950, while the median rent for a two-bedroom stood at $1,100.

Only two cities in North Carolina had higher median rents: Cary, where a two-bedroom will set you back $1,220, and Raleigh, where the median two-bedroom rent is $1,120.

Still, Charlotte is more affordable than many other large cities. According to Apartments List, 88 out of the 100 largest cities in the U.S. have experienced year-over-year rent increases. Here’s how Charlotte’s median rent for a two-bedroom unit stacks up.

Ely Portillo: 704-358-5041, @ESPortillo

  Comments