Finally Some Good News, Charlotte Median Rent Is Dropping
Renting can be stressful especially when the time comes around to renew your lease. One year mine increased $200, and that was certainly shocking. But I knew the tides were turning when I got a phone call from a friend back around the first of the year, that despite both of our predictions, her rent did not increase.
And I was very thankful that mine did not either. Any increase at all would have honestly priced me out. But it seems like FINALLY, the supply is exceeding the demand when it comes to apartments in Charlotte. It’s been a long time coming for sure.
And this trend seems to be consistent across most of the country. This is according to data recently released by Realtor.com. They report that “in June 2024, the median asking rent for two-bedroom units dropped 0.3%”. This marked the 12th consecutive month of year-over-year declines.
Charlotte Median Rent
According to Realtor.com, the Charlotte Median Rent for June was $1,527. This was a -5.2% change from last June. While I still feel that number is way too high, the trend is encouraging. Rent/housing is often said should take up no more than 1/3 of an individual’s income.
Without any taxes accounted for or other paycheck deductions, that means an individual needs to bring home $4,581 a month. Take that divided by 130 hours (what is considered monthly full-time hours) and the hourly rate needs to be $35.24. No wonder people are struggling to make ends meet.
The Charlotte median rent numbers are based on “rental data as of June 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com”. You can read more on the methodology and the full study here. Let’s hope this trend continues. And wages for workers increase at the same time. Hey we can dream can’t we?