Nationwide, rents fell another 0.2% in January – the sixth consecutive month of decline, according to the latest report from ApartmentList. January typically marks the “bottom” of the rental market each year, before rents start to rise in the spring.But as it stands now, the national median rent is $1,370, its lowest point in nearly three years. And in January, the typical apartment was “on market” for 37 days before renting, an all-time high.
The Local Outlook:
As always, different rental markets experience different trends. Zooming in on the Charlotte market specifically:
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Rents in Charlotte fell 0.1% in January, compared to a 0.2% decrease nationwide.
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Year-over-year rent growth in Charlotte now stands at -2.8%, down from -2.5% one year ago.
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Today the median rent in Charlotte is $1,270 for a one-bedroom unit and $1,385 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.4%, up 0.6 percentage points from this time last year.
