CHARLOTTE, N.C. — Every year, many apartment communities in Charlotte increase how much renters pay. This year, rent in the Queen City is expected to rise on average about 3.6 percent.
Channel 9 learned east Charlotte, a neighborhood considered to have some of the lowest rents, will see the greatest increases this year.
[RELATED: Apartment construction slows down as rent in Charlotte neighborhoods expected to rise]
A company that analyzes real estate data, Real Page, predicts apartment rents will increase more than 5 percent in East Charlotte, Mint Hill, Matthews and southeast Charlotte. Renters in those areas signing new leases could pay an average of $1,054 for an apartment. In 2018, rent increased in east Charlotte by 3.9 percent, bringing the monthly cost for rent up to $908.
Real Page predicts that rent will go up in every other Charlotte-area neighborhood this year too.
Real Page 2019 Rent increase projections by neighborhood:
- Ballantyne: 3.30% for an average of $1,301
- Concord/Kannapolis/Salisbury: 2.80% for an average of $954
- East Charlotte: 5.40% for an average of $1,012
- Far East Charlotte/Mint Hill: 5.00% for an average of $954
- Gaston County: 3.60% for an average of $955
- Huntersville/Cornelius: 1.90% for an average of $1,161
- Matthews/Southeast Charlotte: 5.10% for an average of $1,197
- Mooresville/Statesville: 1.40% for an average of $973
- Myers Park: 2.60% for an average of $1,279
- North Charlotte: 2.20% for an average of $1,092
- Rock Hill/Fort Mill: 2.60% for an average of $1,047
- South Charlotte: 4.30% for an average of $1,084
- Southwest Charlotte: 3.70% for an average of $1,088
- UNC Charlotte: 2.60% for an average of $1,075
- Uptown/South End: 1.80% for an average of $1,627
Kesha Mial, a single mother of three who works at a fast food restaurant to provide for her family, said most of her money goes to rent.
Eyewitness News reporter Gina Esposito asked, “How much do you have at the end of your paycheck?”
Mial responded, “Sometimes I have 50 bucks.”
Mial said when she moved into the Summit Ridge Apartments in east Charlotte about three years ago, she agreed to pay $800 per month. At the end of her time there, she was paying $92 more.
['It's heartless': Residents concerned after 25 percent rent increase at senior apartment]
“When I renewed my lease this time, she told me that was one the fewest ones that was paying under $1,000. I was like, 'Wow I be gone before I get to a $1,000 though,'” said Mial.
Mial moved her family into another apartment on the east side on Monday. It is $8 more a month, which may not seem like a big jump, but she said she will notice it at rent time.
“It’s real hard, you know? I come from Raleigh, actually, and I came from two-bathroom townhouse for $720 [per month], so when I moved here [Charlotte] it was like, 'Oh, my God, everything is high. I can't afford anything here,” said Mial.
Over the years, many developers have focused on building luxury units for millennials in South End and uptown.
Uptown and South End renters already pay the most, but their rent will increase the least in 2019. A 1.80 percent increase this year will put them at an average of $1,627 a month. In 2018, rent increased in that area 0.3 percent, or an average monthly rent around $1,485.
Vice president at Real Page, Jay Parsons, said, “One thing that is important to note is that these rent growth numbers are for new leases, coming in a signing a new rate. When someone moves out that's typically when you do a renovation and someone else moves in.”
[Priced out of Charlotte: Continuing to address the affordable housing crisis]
Experts said east Charlotte does have many apartments that are considered affordable, but it also has some of the oldest units, like Mial's, in desperate need of repairs. She showed Channel 9 a broken window in the bedroom her and daughter slept in that still hadn’t been fixed.
Many apartments are advertising new renovations, which Parsons said is driving some of the biggest increases at east Charlotte apartment complexes.
The president of the Charlotte-Mecklenburg Housing Partnership, Julie Porter, said, “Rent has been increasing extremely rapidly... you know 22%, 30% in a year.”
Porter said renters may be hit twice this year because of the county's revaluation. She said apartment communities on the east side have nearly tripled in value.
Porter explained, “…and the rent increase associated with that... could be as much as $65 to $75 and so we don’t really know what the county at this point is going to set that tax rate at so what that 'true' value is, but you could have two different hits at the same time.”
[ALSO READ: Local companies pledge more than $70M to help combat affordable housing crisis]
Porter's advice is simple: “Understand that you are not alone. That your rent is probably going to increase, and don't make a move before you find something new… Don’t say ‘OK, I can't afford the $50 or the $75 extra' until you have found a better option because it is really hard to find affordable housing right now, naturally occurring, affordable housing.”
Channel 9 checked into multiple agencies and could not find programs in Charlotte that help renters afford annual rent increases. Crisis Assistance Ministry offers one-time emergency help, but not year-round assistance. They do have programs that help some people become more financially stable long-term.
From: Waters, Brittany (CMG-Charlotte) Sent: Wednesday, February 06, 2019 1:30 PM To: WSOC, webvideo (CMG-Charlotte)
Every year, many apartment communities in Charlotte increase how much renters pay. This year, rent in Charlotte is expected to rise on average about 3.6%.
Channel 9 learned east Charlotte, a neighborhood considered to have some of the lowest rents, will see the greatest increases this year.
[RELATED: Apartment construction slows down as rent in Charlotte neighborhoods expected to rise]
A company that analyzes real estate data, Real Page, predicts apartment rents will increase more than 5% in East Charlotte, Mint Hill, Matthews and Southeast Charlotte. Renters in those areas signing new leases could pay an average of $1,054 for an apartment. In 2018, rent increased in East Charlotte by 3.9%, bringing the monthly cost for rent up to $908.
Real Page predicts that rent will go up in every other Charlotte-area neighborhood this year, too.
Real Page 2019 Rent increase projections by neighborhood:
Ballantyne: 3.30% for an average of $1,301
Concord/Kannapolis/Salisbury: 2.80% for an average of $954
East Charlotte: 5.40% for an average of $1,012
Far East Charlotte/Mint Hill: 5.00% for an average of $954
Gaston County: 3.60% for an average of $955
Huntersville/Cornelius: 1.90% for an average of $1,161
Matthews/Southeast Charlotte: 5.10% for an average of $1,197
Mooresville/Statesville: 1.40% for an average of $973
Myers Park: 2.60% for an average of $1,279
North Charlotte: 2.20% for an average of $1,092
Rock Hill/Fort Mill: 2.60% for an average of $1,047
South Charlotte: 4.30% for an average of $1,084
Southwest Charlotte: 3.70% for an average of $1,088
UNC Charlotte: 2.60% for an average of $1,075
Uptown/South End: 1.80% for an average of $1,627
Kesha Mial, a single mother of three who works at a fast food restaurant to provide for her family, said most of her money goes to rent.
Eyewitness News reporter Gina Esposito asked, “How much do you have at the end of your paycheck?”
Mial responded, “Sometimes I have 50 bucks.”
Mial said when she moved into the Summit Ridge Apartments in East Charlotte about three years ago, she agreed to pay $800 per month. At the end of her time there, she was paying $92 more.
['It's heartless': Residents concerned after 25 percent rent increase at senior apartment]
“When I renewed my lease this time, she told me that was one the fewest ones that was paying under $1,000. I was like, 'Wow I be gone before I get to a $1,000 though,'” said Mial.
Mial moved her family into another apartment on the east side, Monday. It is $8 more a month, which may not seem like a big jump, but she said she will notice it at rent time.
“It’s real hard, you know, I come from Raleigh, actually, and I came from two-bathroom townhouse for $720 [per month], so when I moved here [Charlotte] it was like, 'Oh, my God, everything is high. I can't afford anything here,” said Mial.
Over the years, many developers have focused on building luxury units for millennials in South End and Uptown.
Uptown and South End renters already pay the most, but their rent will increase the least in 2019. A 1.80% increase this year will put them at an average of $1,627 a month. In 2018, rent increased in that area 0.3% or an average monthly rent around $1,485.
Vice president at Real Page, Jay Parsons, said, “One thing that is important to note is that these rent growth numbers are for new leases, coming in a signing a new rate. When someone moves out that's typically when you do a renovation and someone else moves in.”
[Priced out of Charlotte: Continuing to address the affordable housing crisis]
Experts said East Charlotte does have many apartments that are considered affordable, but it also has some of the oldest units, like Mial's, in desperate need of repairs. She showed Channel 9 a broken window in the bedroom her and daughter slept in that still hadn’t been fixed.
Many apartments are advertising new renovations, which Parsons said is driving some of the biggest increases at East Charlotte apartment complexes.
The president of the Charlotte-Mecklenburg Housing Partnership, Julie Porter, said, “Rent has been increasing extremely rapidly... you know 22%, 30% in a year.”
Porter said renters may be hit twice this year because of the county's revaluation. She said apartment communities on the east side have nearly tripled in value.
Porter explained, “…and the rent increase associated with that... could be as much as $65 to $75 and so we don’t really know what the county at this point is going to set that tax rate at so what that 'true' value is, but you could have two different hits at the same time.”
[ALSO READ: Local companies pledge more than $70M to help combat affordable housing crisis]
Porter's advice is simple: “Understand that you are not alone. That your rent is probably going to increase, and don't make a move before you find something new… Don’t say ‘OK, I can't afford the $50 or the $75 extra' until you have found a better option because it is really hard to find affordable housing right now, naturally occurring, affordable housing.”
Channel 9 checked into multiple agencies and could not find programs in Charlotte that help renters afford annual rent increases. Crisis Assistance Ministry offers one-time emergency help, but not year-round assistance. They do have programs that help some people become more financially stable long-term.
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