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North Carolina rents up; Charlotte rivals Houston, major metro rents

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Though rents were relatively stable for the nation in March, the same can’t be said for North Carolina, which saw year-over-year gains in every major city in the state, according to the most recent market report from apartment search website RENTCafé. Charlotte, the state’s largest and most metropolitan city, came out toward the bottom of the rent-growers’ list, with only a 2.9 percent increase in rent. High Point and Burlington were the only two cities to see less rent growth, with 2.7 and 2.2 percent jumps respectively.

Still, Charlotte has one of the highest average rents in the state, at $1,105 per month. Morrisville, Huntersville, Cary and Chapel Hill came in higher – at $1,121, $1,143, $1,112 and $1,257 – but Charlotte outranked every other major city in the state. A stark difference was seen in rents between Charlotte and High Point, Winston-Salem and Gastonia – which held the three lowest average rents in the state for February. Rents were $752 in High Point for the month, $766 in Winston-Salem and $799 in Gastonia – all nearly a $400 difference over Charlotte and almost half as much as rents in Chapel Hill, according to the report.

With the highest rent in the state and a speedy growth rate, Chapel Hill is on the cusp of pushing renters out the market. It’s possible that recent jumps in the city’s job market could be to blame for the uptick.

Rents for apartments like this one in Berkshire average $1,105 in the Charlotte market. Photo courtesy RENTCafe'

Rents for apartments like this one in Berkshire average $1,105 in the Charlotte market. Photo courtesy RENTCafe’

On a national level, Gastonia rivaled rent growth rates in Sacramento and Stockton, California, with its 9.3 percent jump in rents over the year. Chapel Hill also saw a significant rent increase, 6.2 percent – about the same rise seen in Mesa, Arizona, and Detroit. Other top rent-growers in the state were Wilmington (5.1 percent), Winston-Salem (4.5 percent), Raleigh (4.1 percent), Cary (3.7 percent) and Greensboro (3.6 percent).

Growth rates aside, average rents run the gamut in NC this month. While all major cities came in below the national average of $1,306, cities like Chapel Hill ($1,257 per month), Huntersville ($1,143), Charlotte ($1,105), Morrisville ($1,121), Durham ($1,027), and Wilmington ($1,019) surprisingly still came in higher than some pretty major U.S. metros, including Houston ($1,043), Tulsa ($667) and Phoenix ($893.) Still, every NC town came in more affordable than the nation’s highest rents, which were seen in Manhattan ($4,094), San Francisco ($3,342), Boston ($3,166), Jersey City ($2,799) and Brooklyn ($2,700).

With research from RENTCafe’

 

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