A new report has just found that Charlotte is one of just seven U.S. cities where rent growth has outpaced income growth by more than 50% since 2009.
Real estate data firm Clever found that in Charlotte, rent growth eclipsed income growth by 56% from 2009 to 2021 — the last full year for which data is available.
Along with Charlotte, rent outpaced income by more than 50% in these cities:
- Denver, CO (71%)
- Las Vegas, NV (57%)
- Charlotte, NC (56%)
- Seattle, WA (55%)
- Atlanta, GA (53%)
- Portland, OR (51%)
- Nashville, TN (51%)
Only four U.S. cities — Providence, Buffalo, Cleveland, and Pittsburgh — have seen income growth surpass rent growth since 2009.
When rent outpaced income at a high rate from 2009-2021, population growth during that time also skewed high. In Charlotte, the population grew 2446%, compared to the average U.S. growth rate of 1,362%.
