Apartment rents drop in some areas of Charlotte metro

Apartment rents drop in some areas of Charlotte metro
(MELISSA KEY/)

CHARLOTTE — Rent prices in Charlotte’s apartment market stumbled during the first months of the Covid-19 pandemic but have shown recent signs of a rebound, according to the latest report by ApartmentData.com.

Apartment rent averaged a monthly rate of $1,188 in the Charlotte metro area at the end of June, the data shows.

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That rent amount is about $14 off from the start of March, right before the pandemic took hold across Charlotte and the rest of the country. But it’s up both from $1,182 in the previous month and from $1,180 at the same point a year ago.

Bruce McClenny, president of ApartmentData.com, said April and May, especially, have so far been the toughest months for local apartment operators. Those months are typically when leasing activity is at its strongest and rents increase, but the Charlotte area was operating under a stay-at-home order for much of that time.

ApartmentData.com tracks market activity across 21 submarkets it has defined for the Charlotte metro. Thirteen of those areas have seen rent drops of varying degrees from April to June.

Read the full story to find out where.

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