Report: Rent price increases in Charlotte’s suburbs outpacing national growth

CHARLOTTE — You might be able to save a few bucks by living in one of Charlotte’s suburbs, but renters in the outskirts of Charlotte have seen their prices increase more than those living closer to the city center in the past two years, according to a new report from Apartmentlist.com

The Apartment List Blog released a new report tracking year-over-year increases in rent going back to the beginning of the pandemic. It found that Charlotte’s suburban cities, including Gastonia and Concord, saw rents rise by 33%. In the same time span, rents in Charlotte went up by just under 28%.

This is a trend nationwide, according to Apartmentlist’s data. The national average saw city growth around 20% from March 2020, while suburban growth was at about 25%.

The data also shows that suburban rents started skyrocketing in year two of the pandemic. Nationwide, core cities saw lower rent increases than the cities surrounding them.

According to Apartment List, remote work is “highly likely” to be playing a role in the trend. With hybrid and work-from-home schedules more available, Apartment List says renters are more likely to “alter decision making with regards to how far one is willing to live from the office.”

The most recent rent report from Apartment List shows the median price for a two-bedroom apartment in Charlotte was $1,490; a two-bedroom apartment would be about $1,200 in Concord, $1,780 in Matthews, $1,860 in Huntersville, and $1,530 in Fort Mill.

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