If you’re a resident of Charlotte, North Carolina, you’ve probably noticed that rental prices have been rising lately. According to data from Apartment List, apartment rental prices in Charlotte have increased by 18% over the past year!

This is significantly higher than the national average and is starting to cause serious problems for residents. This blog post will discuss skyrocketing rental prices in Charlotte and how it’s affecting locals.

The Rental Market in Charlotte

It’s no secret that the rental market in Charlotte is booming. The city has seen new businesses and jobs popping up left and right, and that number will only continue to rise. Unfortunately, this growth has not been accompanied by a similar increase in wages; for instance, the current estimated income needed to rent a 2-bedroom apartment in Charlotte requires an annual salary of $78,520. Compare this to the average U.S. salary of $64,994 annually, and you’ll begin to see the problem for Charlotte residents.

At the same time, many millennials have more student debt than any other generation. The average millennial in their 30s currently owes approximately 30,000 in student loans. This means millennials have less disposable income to save for their place or pay off debt.

So, not only are renters expected to keep up with their other bills but they are forced to pay for housing that is becoming increasingly unaffordable. Many contribute this sharp increase in rent to soaring inflation, but several factors are at play here. Not to mention that the median rent price has exceeded inflation by 29% since 2000.

What is Causing Skyrocketing Rent?

As we mentioned, the rental rate rose higher than inflation since 2000; overall, the median rent price rose 90%, while inflation rose 70%. It is clear that rent prices are driven not only by inflation but also by other things. So, what else is causing rental prices to surge in places like Charlotte? Several social and economic factors have led to the sharp increase in rental prices, but we will focus on three main ones.

• High demand, low supply – demand for apartments is booming, and the availability of units is dwindling, giving landlords the leverage to increase rent. However, there isn’t much the construction sector can do considering the high cost of building supplies like lumber and plywood.
• Rent relief programs – many cities and states implemented a rent freeze for nearly two years during the pandemic. As a result, most landlords are accounting for almost two years of rental increases in the current rates.
• A competitive housing market – in 2021, the median home sale price rose 17% to 346,900, which has priced out many millennial buyers. This forces them to rent longer than they usually would because they can’t afford homes.

Despite the economy and current situation, many Charlotte residents don’t want to leave their homes; they’ve grown accustomed to the city’s offerings. So the question now is, what are they going to do?

Queen City Townes Has the Solution

If you’re looking for an affordable rental townhome in Charlotte, look no further than Queen City Townes. Our newly built townhomes are reasonably priced and offer plenty of amenities. Rental rates for a two-bedroom townhome are reasonable, pet-friendly, and furnished with everything you need. In addition, our rates are easily divided between you and a roommate, so you won’t have to worry about finances.

Queen City Townes is also conveniently located near public transportation, retail stores, restaurants, and entertainment options. We are just minutes from Uptown Charlotte, so you’ll never be too far from the action. Our residents also don’t have to worry about parking as each townhome has access to a private garage for up to two vehicles. When finding affordable housing in Charlotte, NC, Queen City Townes has you covered. Contact us today for availability or a guided tour.

Published: 2022-07-20 13:27:05