CHARLOTTE — It might not be the savings that renters in Charlotte are hoping for, but Zillow says typical rents in the Charlotte metro have been declining slightly for the past few months since reaching a record high in August.
Zillow’s latest rental data says that rent fell month-over-month by 0.3% in November, with typical rent landing at $1,801. That price is still up about 9% from last year for the Charlotte metro, but there’s a sign of the rental market cooling with several straight months of rent declines.
But while it’s a relief for renters to see months without price increases, the decline in rent isn’t putting that much money back into people’s pockets. In August, the typical rent in Charlotte reached a high of $1,809, which was just $8 more than where they’re at currently, according to Zillow.
So what’s the reason for the decrease after years of monthly increases? Zillow says demand for housing has scaled back after “booming in 2021″ due to high inflation and higher costs of rent. The company is also citing an increase in people “doubling up with roommates or family,” which is causing an increase in rental vacancies.
Zillow says that Charlotte is still below many places in the United States, with the national level for typical rent at $2,008.
Curious about who’s paying the highest rent in the country? That would be the California Bay Area, with San Jose ($3,283) and San Francisco ($3,138) taking the top two spots.
(WATCH BELOW: As inflation soars, here’s how average rents are trending in Charlotte)
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