Rent Comparison: Charlotte vs New York City apartment rates

Many northerners are relocating to Charlotte as the demand for housing grows in an overcrowded market.
On Aug. 2, viewer and photographer Tyler Tarbet (@tylertarbet_photography on Instagram)...
On Aug. 2, viewer and photographer Tyler Tarbet (@tylertarbet_photography on Instagram) captured this beautiful photo of uptown Charlotte and the skyline.(Tyler Tarbet (@tylertarbet_photography on Instagram))
Published: Jul. 14, 2022 at 4:56 PM EDT
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CHARLOTTE, N.C. (Axios) - Rents are surging in Charlotte. But if it makes you feel any better, we’re nowhere close to New York City.

Since rent prices are up nationwide, I was wondering how we compared to other metropolitan areas.

What’s happening: Some renters in New York would need annual salaries equal to roughly 40 times their monthly rent, according to PropertyClub, a real estate consultant. By comparison, in Charlotte, the monthly gross income must be at least 2-3 times the rate.

  • According to RentCafe, the average price of a 702-square-foot, [one-bedroom] apartment in New York City is $4,265. That’s almost three times the average rate in Charlotte for a 943-square-foot apartment.
  • In February, Charlotte’s average one-bedroom monthly rate was $69 less than the national average rent. But Manhattan’s average rent price was $2,637 higher than the national average.

Related » WATCH: Kannapolis development booming

Why it matters: Many northerners are relocating to Charlotte as the demand for housing grows in an overcrowded market.

  • Apartment prices are reaching record highs with a [year-over-year] growth of 15.3%, according to Apartment List.
  • Charlotte is listed as the seventh best city for renters with an appealing cost of living and local scene, per RentCafe.

The big picture: There’s an emerging gap between wages and housing.

  • In Charlotte, to be able to afford the average rent of $1,039 per month, you would need to make at least $52,360 annually.
  • By comparison, in New York you’d need to make $82,637 to be able to afford an apartment for $2,068 per month.

The bottom line: We’re all paying a lot for rent right now, no matter where we live.

Related story: Charlotte rent prices increased by as much as 65% in one year.

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