Jun 29, 2022 - Real Estate

Charlotte rent prices increased by as much as 65% in one year

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If you’ve noticed a spike in rent prices, you’re not alone.

While updating the best apartments guide, I noticed rates were up by more than just a couple hundred dollars. Here’s a look at how much some apartments have increased from last year.

What’s happening: When comparing last year’s list of best apartments to this year, I found that the average rent of a one-bedroom went up by 28.12%.

  • The data was consistent across nine Charlotte neighborhoods between May 2021 and May 2022.
  • The neighborhoods with the highest rent hikes were areas around Montford Drive and Madison Park; NoDa; Optimist Park.

Why it matters: Housing becomes a cost burden when people spend more than 30% of their monthly income on rent/utilities. 

By the numbers: Average apartment rent in Mecklenburg County costs $1,501 per month, which includes everything from studios to four-bedrooms. Here’s what you need to earn annually based on the 30% metric, per the county:

  • One-bedroom, above $56,268
  • Two-bedroom, above $70,704
  • Three-bedroom, above $78,876

Between the lines: It’s cheaper to rent than to buy in Mecklenburg County.

Related story: Charlotte homebuyers overpaying by more than $100k, study finds


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