Mar 22, 2023 - Real Estate

Charlotte renters look beyond city limits because of rising rent

Charlotte Skyline

Photo: Andy Weber/Axios Charlotte

Charlotte apartment hunters are being priced out by movers with larger budgets.

Roughly 42% of renters looking for apartments in Charlotte are searching from out of town. 

Driving the news: Recent migration patterns have put upward pressure on rents, according to new data from Apartment List.

  • In 2022, the most inbound search interest came from Raleigh, Atlanta and New York — mostly markets with higher incomes.
  • Remote work options likely influenced the increased pressure.

Why it matters: In 2022, more than half of Charlotte apartment hunters looked for homes outside the city, given the rising cost of living here.

  • Of the hunters, 58% had three top search destinations of Charleston, Raleigh, and Greenville, S.C.

Zoom out: Nationally the average budget among renters moving to a new metro was 5.5% higher than that of renters searching within their current metro.

  • Renters seeking a new metro budgeted $1,669 compared to $1,582 for those moving within their current metro. 
  • Long-distance moves tend to be more expensive and commonly take place among high-earners.

The big picture: About 84 people moved into the Charlotte metro every day in 2020-2021, according to the Charlotte Regional Business Alliance, citing census data. The region saw its population grow 1.1% in that time to a total of 3,084,405 people.

The bottom line: Long-distance movers, those looking for apartments in a new metro or new state, typically have higher budgets than local renters.

  • Renters searching out of expensive parts of the country and flocking to previously affordable areas will continue to spike demand and drive up prices.

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

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