Relief for renters: Data shows Charlotte rent prices decreased in August

In August there was a more than 27% decrease year-over-year in average rent prices on two-bedroom apartments.
There could be relief on the horizon for renters across the nation, as average rent took a dip in August.
Published: Oct. 6, 2022 at 6:22 PM EDT
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CHARLOTTE, N.C. (WBTV) - There could be relief on the horizon for renters across the nation.

For the first time in 2022, there was a month over month dip in rent prices in August.

According to a report by Rent, Charlotte also saw a year-over-year decrease in average prices.

In August there was a more than 27 percent decrease year-over-year in average rent prices on two-bedroom apartments.

Viola Pressley said she regrets signing an apartment lease in July, knowing what she knows now.

“I would love to pay cheaper rent, but I had no idea it would be going down,” Pressley said. “I just thought it would keep going up.”

The average rent price in Charlotte dropped between July and August.

According to the report by Rent, in July the average rent for a one-bedroom was $1,596 and in August it was $1,434. The August average is a 1.35 percent decrease year-over-year.

When it comes to two-bedrooms, the average rent was $1,687 in July and dropped to $1,428 in August. The August average is a 27.3 percent decrease year-over-year.

“They tend to dip in the fall and the winter,” Jon Leckie, a researcher for Rent, said.

Leckie said seasonality is part of it, but not all of it.

“August is really early for that trend, even in normal times, so it’s really promising that we would have that dip so early,” he said.

He said the bigger dip for two bedrooms was expected, because demand was higher during the pandemic.

“People were leaving bigger more expensive markets, they were coming into Charlotte,” he said. “They could afford more.”

Now he says some of those people are leaving Charlotte, but the lower prices might not be here to stay.

“I do think we’ll see another acceleration in the early spring and into the summer, and it’ll be middle of summer 2023 before we start seeing decreases again,” he said. “If you’re ready to move now, I think now is a good time.”

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