The Charlotte Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020 we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Charlotte Rental Market Trend Analysis
The first half of 2020 in Charlotte saw decreases in active listings from March to April – when most states imposed strict lockdowns. However, May and June showed a healthy recovery following a dip in July – active listings continued to decrease and increase the rest of the year. January 2021 saw the highest increase in listings at 79% month-over-month – this is the largest of the reporting period. February and March listings both decreased, but as the rental season increases and restrictions ease, we expect listing numbers to normalize.
Renter Leads and Average Leads Per Property
Active listings in Charlotte were volatile throughout 2020 with expected declines in February through April, however, a strong jump in May at 161% showed a rebound for the start of the summer. The highest increase in leads occurred in November 2020 at 418% and the biggest decrease occurred in April 2020 at 87%. The average leads per property in Charlotte have increased and decreased throughout the months, with a decrease of 56% last month. The highest average leads per property was posted in March 2020 at 17 and the lowest was two during September and October. Currently, average leads for 2021 sit at a healthy five leads per property. City and urban out-migration and pandemic fatigue may be playing a part in the fluctuating rental demand.
Year-over-year the average rent amount for a two-bedroom listing in Charlotte is up by almost $100 as of April 2021. The average rent in Charlotte spiked in May of 2020 at $1,870, its highest average in the reporting period while its lowest rent was $1,092 in October of 2020. Overall, rent averages in Charlotte have remained pretty steady over the reporting period following normal seasonality trends.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.