Charlotte has become a hot spot for renters. Here’s what drawing all the interest
A surge in home prices this spring has turned Charlotte into a destination for renters, a new report suggests.
The RentCafe rental activity report revealed that Charlotte was among the cities attracting apartment hunters this month.
According to the report, Charlotte is the third-most desired city in North Carolina and 27th in the U.S. overall. Properties in the area added to favorites jumped 226% year-over-year.
To rank the most desired cities, RentCafe looked at the most active listings on its apartment search website based on the availability of apartments, listing views, apartments saved as favorites, and saved personalized searches, along with how these factors changed from last year, if at all.
By RentCafe analysis, the average rent in Charlotte is $1,632, and the average apartment size is 943 square feet. The cost of rent varies depending on several factors, including location, size, and quality. Compared to Atlanta, the most desired city on the list, the average rent is $1,846, and the average apartment size is 970 square feet.
Charlotte, however, was considered attractive because of “job opportunities fueled primarily by the tech sector,” the report said.
“Durham (10th) and Charlotte (27th) are also newcomers on our list of most desired cities, thanks to their dynamic economies and job opportunities fueled primarily by the tech sector,” the report states. “Listings in Durham that were added to renters’ favorites lists increased a whopping eight times more than last year, helping the city jump 23 spots in one month. And, for Charlotte, favorited apartments tripled within the same timeframe.”
Here’s how Charlotte compared to other cities:
This story was originally published April 28, 2023 at 1:06 PM.
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