Have you been looking into the rent prices in the area lately? If you are like me and still living in an apartment, then you know what these apartment prices are looking like nowadays. It seems the prices for apartments are seeing a continuous increase as more and more people move to an area. But, did you know that Charlotte actually has a median rent lower than the national average?
According to a new report done by Stessa, Charlotte’s median rent price is an estimated $1,306 while the national median is $1,435. The Charlotte Metro area is #36 out of 55 for large metro cities with high rent. The average cost for apartments is as followed, according to Stessa:
- Studio – $1,010
- 1 Bedroom – $1,028
- 2 Bedroom – $1,183
- 3 Bedroom – $1,536
- 4 Bedroom – $1,952
Of course, there are some areas of Charlotte that are priced much different for their luxury-style apartments, but this is just the average. Prices began to skyrocket in the second half of 2020 and have barely slowed down since. Rent prices saw another increase and the median rent went from $1,601 in 2021 to $1,856 at the beginning of 2022, according to Zillow.
In some locations, the increase in rent can cause more damage to renters as prices become unbearable. Coastal areas and large cities such as New York and California already have unaffordable housing and the increase makes that no different. Stessa reports larger cities such as those have seen the median cost for even studio apartments reach the lower $2,000s a month.
Stessa used data from the U.S. Department of Housing and Urban Development’s 50th Percentile Rent Estimate 2022 and the U.S. Census Bureau’s American Community Survey from 2019. Only areas with at least 100,000 residence were considered in the data. For more information on the report and findings, click here.