Charlotte Apartment Rents Drop $1 Even With Record New Units

Monthly apartment costs in Charlotte fell by $1 to $1,644 during 2025's first quarter. This marks the seventh straight drop as builders added 17,000 units last year. The small price shift stands out against the surge of new housing.

"People are less likely to put their homes on the market now, which I think is keeping prices rising in the for-sale market, while rents have leveled off in the for-rent markets," said Chuck McShane, senior director of market analytics at CoStar, to Axios Charlotte.

Property managers now compete harder for tenants. March saw 37% of units offering move-in specials, up from 32% in 2024. Last November, a record-breaking half of properties tried to lure renters with deals.

City and suburb prices tell different stories. After a 50% jump in units, Lower South End's costs dropped 3.1% to $1,777 monthly. But Gaston County and Huntersville-Cornelius saw increases near 2%.

The market added 4,400 units in early 2025. Empty units stayed at 12.8%, which kept prices steady. The rush to build has slowed as costs rise.

High house prices block many from buying homes. This keeps apartments full despite the wave of new units. The trend affects both current owners and would-be buyers.

Market watchers predict more price shifts ahead. Rising rates and money worries have cut new building plans. This points to fewer units coming in 2026.

Data shows a split market taking shape. Downtown sees more units and lower costs, while suburbs hold steady at higher rates. This gap proves how building changes affect different parts of town.