Recent data from Apartment List shows that apartment hunters in Charlotte are facing a new challenge: being priced out by movers with larger budgets.
Why is this happening?
According to the data, roughly 42% of renters looking for apartments in Charlotte are searching from out of town. In 2022, the most inbound search interest came from Raleigh, Atlanta, and New York - markets with higher incomes. Remote work options likely influenced the increased pressure, as more people are now able to work from anywhere.
Charlotte has been experiencing rapid growth in recent years, with about 84 people moving into the metro area every day in 2020-2021, according to the Charlotte Regional Business Alliance census data. The Charlotte region saw its population grow 1.1% in that time frame to a total of 3,084,405 Charlotte residents. While this growth brings many opportunities for the city, it also comes with its own set of challenges, including the rising cost of living.
To forecast real estate trends, economists assess supply and demand trends in the local market. With an influx of renters looking to move away from cities with a higher cost of living, Charlotte is seeing an increase in demand for apartments and rental options. This increased demand is inevitably causing a spike in rental prices in the Charlotte region.
How can I take advantage of this month’s market update?
We would recommend the below options based on the current Charlotte market data:
- Are you or someone you know currently renting and seeing a spike in monthly payments? Contact us to be sure you know all of your options. We’re here to help find you the best monthly payment in a way that builds wealth for your future through homeownership.
- Thinking of purchasing an investment property? Take advantage of the increase in demand for rental properties in the greater Charlotte area. We have the experience and an action plan to help you build your wealth through real estate.
Contact us today for a custom action plan based on your specific real estate needs and goals.