Nationwide, rents increased 0.6% in March, the 2nd consecutive monthly increase in rents following six months of declines, according to a new report by Apartment List.
The recent increase represents the market beginning to swing out of the off-season, and we expect to see progressively larger month-over-month increases in the months ahead as the market gradually ramps up to its peak season. But coming off another slow winter, the national median rent ($1,384) remains 0.4% lower than one year ago.
The local numbers look similar:
- Rents in Charlotte increased 0.4% in March, compared to a 0.6% increase nationwide.
- Year-over-year rent growth in Charlotte now stands at -1.8%, up from -3.2% one year ago.
- Today the median rent in Charlotte is $1,281 for a one-bedroom unit and $1,397 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.6%, up 0.4 percentage points from this time last year.
