Are rents falling here? This report says yes — but findings are mixed

CHARLOTTE — Is the cost of renting in Charlotte coming down? A new analysis by Realtor.com says yes, listing Charlotte among the U.S. metros seeing the biggest drop in rent prices.

For the study, Realtor.com analyzed median rental rates across studios, one- and two-bedroom apartments, condos, townhouses and single-family homes advertised on its site as for-rent in May. The report covers the nation’s 50 largest metros, though five areas were excluded from the ranking due to data limitations.

Based on the data, the Charlotte metro’s median asking rent was $1,576 in May. That’s down 3.5% year over year, ranking Charlotte’s decline as the eighth largest out of the 45 metros.

Realtor.com points out that Charlotte is one of the most affordable metros for renters on its list. Still, it notes that rental rates in the local metro remain much higher than prior to the pandemic, which brought about a more than 30% uptick in rents.

Read more here.

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