Rent in Charlotte is still on the rise. A real estate broker explains why

The Charlotte market has been on a steady incline for years now. However, more recently, Charlotte natives and newcomers alike have noticed that their rent has reflected the rapid development of the city.

According to a report by Apartment List, an online marketplace for rental listings, Charlotte’s year-over-year rent increase of 17.2% exceeds the national average of 15.3%.

The average rent for a studio in Charlotte last month was priced at $1,607, while a one-bedroom stood at $1,617. The average for two bedrooms was $1,963 and the average 3-bedroom apartment was priced at $2,201, Apartment List reported.

Although the Charlotte rental market has softened recently, there’s no denying that the average rent is still comparatively high.

The driving force behind Charlotte’s rent rise

Matt Stone, a broker and managing partner at Matt Stone Real Estate in Charlotte, explains that the dramatic increase in rent over the past year is nothing out of the ordinary when compared to other cities.

“Rent in Charlotte has tracked similar percentage increases to other metros our size,” Stone told The Charlotte Observer.