Is the COVID-19 pandemic driving down apartment rents in Charlotte?

CHARLOTTE, N.C. — The COVID-19 pandemic may be contributing to a modest decline in how much it costs to rent an apartment in Charlotte.

A midyear report by ApartmentGuide analyzing changes in apartment rental rates in U.S. metros found the Queen City saw a 5.8% decrease in average rents year over year as well as a 3.7% drop between April and June of this year. Charlotte rents increased sizably — 16.7% — between April and June 2019, for comparison.

Charlotte ranked No. 14 nationally in markets that saw the biggest decreases between April and June, with Garland, Texas, and Oakland, California, taking the top two spots.

While the report was intended, in part, to examine how COVID-19 has impacted apartment rents, it noted other factors influence pricing changes, including local supply and demand, new construction or changes in available inventory, and shifting ratios of affordable and luxury units.

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