Apartment rent concessions in Charlotte on the rise

CHARLOTTE, N.C. — The Charlotte apartment market is seeing a rise in rent concessions being offered to prospective tenants.

A recent report by Zillow found 53% of rental listings offered some kind of concession in the Charlotte metro in July 2020, compared to 29.4% the same month a year prior. It’s also an increase from 33.2% of listings offering promotions in February, a month before the Covid-19 pandemic resulted in shutdowns and an economic slump.

Across the 50 largest U.S. metros, the Charlotte market was second only to Washington, D.C., in percentage of rental listings offering concessions in July.

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Cox Media Group