Charlotte Area Rents Up 4 Percent In Past Year: Report

CHARLOTTE, NC -- Charlotte rents rose 4 percent last year, higher than the national average, according to a new housing data report.

As of January 2018, rent in the Queen City averages about $1,145 a month, up 0.3 percent from the previous month and up 4 percent overall from this time last year, online resident services site RENTCafe said in its most recent apartment market report.

Nationally, the average rent increase over the past year is 2.8 percent, according to data compiled by Yardi Matrix.

The news of the increases in Charlotte comes as little surprise after a recent report about real estate market desirability. Raleigh and Charlotte were ranked the second and fourth hottest real estate markets in the country, Zillow said.

Rents are higher across all of North Carolina, such as up 5.6 percent in Winston-Salem, 3.6 percent in Raleigh, and 4.3 percent in Greensboro, the report said.

These cities are far from alone, with more than 89 percent of the biggest cities in the nation reporting rents rise in January 2018, according to the report. The increases, however, weren’t in the biggest cities. Smaller cities like Gilbert, Arizona, Roseville, California and Fort Collins, Colorado all saw there rents go up about 8 percent or more, making their increases among the most aggressive in the country.

Rents have also fluctuated in parts of the country, such as in Brooklyn, where rents were found to be cheaper than this time last year, the report said. Ample supply in Lubbock, Texas also put downward pressure on rent prices, which dropped 6.3 percent, according to the report.

When it comes to housing rentals, one- and two-bedroom apartments remain in top demand, according to RENTCafe.

Want to know how your rent stacks up compared to other cities? The average rent in the U.S. in January 2018 was $1,361, according to the report.

Here are the top 10 cities with the highest rents in January 2018:

• Manhattan, New York - $4,079
• San Franciso, California - $3,448
• Boston, Massachusetts - $3,243
• San Mateo, California - $3,064
• Cambridge, Massachusetts - $3,023
• Jersey City, New Jersey - $2,855
• Sunnyvale, California - $2,764
• Santa Clara, California - $2,718
• Brooklyn, New York - $2,692
• San Jose, California - $2,627

SEE ALSO: Charlotte One Of Hottest Real Estate Markets In US: Zillow

Here are the top 10 cities with the lowest rents in January 2018

• Wichita, Kansas - $632
• Tulsa, Oklahoma - $672
• Toledo, Ohio - $674
• Brownsville, Texas - $691
• Killeen, Texas - $701
• Independence, Missouri - $720
• Dayton, Ohio - $720
• Amarillo, Texas - $726
• Fort Wayne, Indiana - $727
• Oklahoma City, Oklahoma - $727

Photo via Shutterstock