North Carolina, Charlotte – The cost of renting an apartment in Charlotte continues to increase this year, due to factors such as inflation, which reached 8.5% in 2021 in the United States, and has put housing rental prices through the roof.
According to a report from the Rent.com site, the largest increase in prices rent was observed on the southwest side of the city.
Apartments in southwest Charlotte have increased 41% on average compared to 2021.
According to the report as of April 24, the average monthly rental price for apartments in Charlotte was between $1,430 and $1,932 depending on size and neighborhood:
- Studies: $1,548 (+13%)
- 1 bedroom: $1,430 (+19%)
- 2 bedrooms: $1,685 (+16%)
- 3 bedrooms: $1,932 (+15%)
The data shows that only 1% of apartments were in the price range of $501 and $700, 12% between $1,001 and $1.500. While 43% of the apartments are in the range of $1,501 and up per month.
Renting in the Southwest area: the most expensive
When you compare rental prices depending on the area of Charlotte and neighborhoods, you can see what you pay per month to rent a studio in southwest Charlotte is in the range of $2,400, which is an 81% increase compared to to 2021.
The report reveals that the most affordable neighborhoods to rent in Charlotte are Windsor Park where renters pay $770 for a 1-bedroom apartment, Plaza Midwood $895, and Idlewild Farms where the average is $925 a month.
If you are looking for other affordable prices you can look in the Cotswold area with an average rent of $995 and NoDa $1,000.
On the other hand, the most expensive neighborhoods in the Queen City would be Highland Creek where the average rent for a one-bedroom apartment is $2,795, the South End at $1,769, and Dilworth at $1,759.
Regarding the monthly prices of renting a studio, Rent.com shows the values in other cities neighboring Charlotte, as well as the annual percentage change in prices compared to last year.
Concord the most expensive neighboring city
Concord was the city that showed the largest increase in rents at +60%, while Rock Hill, South Carolina, saw a -1% decrease. Below you can see the main cities:
- Kannapolis: $1,444 (+54%)
- Monroe: $1,327 (+10%)
- Hunterville: $1,295 (+12%)
- Rock Hill: $1,225 (-1%)
- Lincolnton: $1,200 (no change)
- Mooresville: $1,191 (+17%)
- Salisbury: $1,183 (+11%)
- Concord: $1,125 (+60%)
To see the report on trends in rental price increases in Charlotte and the rest of North Carolina, you can go to the following link: https://www.rent.com/north-carolina/charlotte-apartments/rent-trends
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