Mar 6, 2023 - Real Estate

Charlotte renters are paying more for smaller apartments compared to those in Raleigh

Photo: Andy Weber/Axios Charlotte

New apartments in both Charlotte and Raleigh are getting smaller — mirroring a national trend.

Why it matters: If you are a renter in Charlotte, expect to pay more for a smaller space than you would if you lived in the capital of North Carolina.

By the numbers: The average new one-bedroom apartment in Charlotte is 929 square feet — compared to 945 square feet in Raleigh, according to a new report from RentCafe. Both are nine square feet smaller than they were 10 years ago. 

  • In Durham, new apartments are even smaller on average, at 908 square feet.
  • Nationally, the average size of new apartments was 887 square feet — a 54 square-foot drop over the last decade, according to the report.

Zoom in: The average rent of a one-bedroom in Charlotte is $1,667 while in Raleigh it’s $1,630, according to RentCafe.

The big picture: Demand for spacious living grew during the pandemic as more people began working from home. But that demand may have waned now that many workers are heading back to the office.

  • Nationwide, there were more studios and one-bedroom apartments built than ever before in 2022. According to RentCafe, smaller units reached a historic high of 57% compared to 10 years ago when they represented exactly half of apartments built.
  • Raleigh had roughly 5,144 apartments built in the first half of 2022 compared to the 5,948 built in Charlotte.  

The bottom line: Apartments in Charlotte and Raleigh are far from being the smallest in the country but are expected to continue shrinking.

  • Units under construction in Charlotte are estimated to average 923 square feet once completed, according to RentCafe.

Go deeper: Rent Comparison: Charlotte vs. Atlanta apartment prices

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