Median monthly rent surpasses $2K in the U.S. for the first time, study finds

CHARLOTTE, N.C. (WBTV) - For the first time, the median monthly rent in the United States surpassed $2,000 a month, according to Redfin.

That’s 15% higher than this time last year.

Members of Redfin, which monitors the U.S. housing market, say the median monthly rent in Charlotte is now just over $1,800 a month as of May. That’s 8.7% higher than the same time in 2021.

Rent in Charlotte is currently 8.7% higher than last year. — Rent in Charlotte is currently 8.7% higher than last year.(Source: WBTV / Redfin)

Related: Renters in Charlotte apartments facing steep hikes in price for renewal

Housing is considered affordable if someone spends no more than 30% of their income to live. That means a person would need to make about $73,000 a year

Experts say housing is considered affordable if no more than 30% of income is spent to live. — Experts say housing is considered affordable if no more than 30% of income is spent to live.(Source: WBTV / Redfin)

Those behind the study say those high prices aren’t stopping people from renting.

There are fewer houses to buy - interest rates are higher - so in many cases it is still less expensive to rent than buy.

Currently, the city of Charlotte has about 81,000 units considered affordable; they are not government subsidized or restricted income.

However, city officials estimate Charlotte needs an additional 32,000 units to meet the need.

While Charlotte’s rent is up, WBTV looked at some other large cities to compare.

In Austin, Texas rent is up nearly 50% over last year, while Nashville’s rent is up more than 30%.

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