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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.
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 followed by 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 reporting period. Since then, listings steadily decreased, with April reporting a dip of 32% in active listings. May jolted back up with a 65% increase, almost reaching January’s level of active listings.
Renter leads in Charlotte were volatile throughout 2020, with expected declines in February through April. However, a strong jump in May at 163% showed a rebound for the start of the summer. The highest increase in leads occurred in January 2021 at 180%, and the biggest decrease occurred in April 2020 at 87%. The average leads per property in Charlotte have been decreasing in 2021, but May saw a turn around with a 97% increase.
Year-over-year, the average rent amount for a two-bedroom listing in Charlotte is down by over $100 as of June 2021. Charlotte’s average rent 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.
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