Charlotte North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Charlotte, NC (the Charlotte-Gastonia-Rock Hill metro area) was $1,077 in 2019 according to the Census ACS survey.1 Average gross rent in Charlotte was $1,070 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Charlotte median and average rent data will be released in September of 2021.
Data is also available below for Charlotte rental vacancy rates, Charlotte rent as a percent of median income and the fraction of renters in Charlotte.
Real Gross Rent in Charlotte North Carolina (2019 dollars)2
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US Median Gross Rent | $1,097 | +1.86% | +6.82% |
North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
Charlotte, NC Median Gross Rent | $1,077 | +1.51% | +8.35% |
Charlotte, NC Real Gross Rent Trends
At $1,077, real median gross rent in Charlotte was at its highest level in 2019 since the series began in 2005. At $1,070, real average gross rent in Charlotte was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Charlotte: Charlotte NC Median, Charlotte NC Average, North Carolina Median, US Median
Real Gross Rent History for Charlotte
Date | US Median |
North Carolina Median |
Charlotte, NC Median |
Charlotte, NC Average |
---|---|---|---|---|
2019 | $1,097 | $931 | $1,077 | $1,070 |
2018 | $1,077 | $916 | $1,061 | $1,065 |
2017 | $1,043 | $888 | $1,007 | $1,016 |
2016 | $1,027 | $879 | $994 | $990 |
2015 | $1,017 | $877 | $971 | $979 |
2014 | $986 | $848 | $933 | $944 |
2013 | $953 | $819 | $879 | $902 |
2012 | $940 | $804 | $887 | $924 |
2011 | $941 | $805 | $886 | $905 |
2010 | $955 | $817 | $879 | $906 |
2009 | $960 | $821 | $904 | $925 |
2007 | $927 | $797 | $892 | $885 |
2005 | $910 | $794 | $880 | $876 |
Charlotte Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Charlotte North Carolina was 7.12% according to Census ACS data.
Rental Vacancy Rate in Charlotte North Carolina
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 5.97% | -0.18% | +0.08% |
North Carolina | 6.60% | -0.43% | -0.39% |
Charlotte, NC | 7.12% | -0.57% | +1.76% |
Trends in Charlotte, NC Rental Vacancy Rate
The rental vacancy rate in Charlotte peaked in 2005 at 9.76%. Since then it has fallen by 2.64% to 7.12%. Data records for this series originated in 2005. From a 2015 post peak low of 5.24%, the rental vacancy rate has increased by 1.88%.
Rental Vacancy Rate: Charlotte NC, North Carolina, US
Historical Rental Vacancy Rate data for Charlotte
Date | US | North Carolina | Charlotte, NC |
---|---|---|---|
2019 | 5.97% | 6.60% | 7.12% |
2018 | 6.15% | 7.03% | 7.69% |
2017 | 6.18% | 6.77% | 6.14% |
2016 | 5.89% | 6.99% | 5.36% |
2015 | 5.85% | 7.02% | 5.24% |
2014 | 6.32% | 7.29% | 6.16% |
2013 | 6.49% | 7.46% | 5.80% |
2012 | 6.77% | 8.00% | 6.43% |
2011 | 7.40% | 9.31% | 8.16% |
2010 | 8.17% | 9.97% | 9.07% |
2009 | 8.43% | 10.10% | 8.91% |
2007 | 7.87% | 9.26% | 7.65% |
2005 | 7.74% | 9.99% | 9.76% |
Rent as a Fraction of Income
Using median household income data for Charlotte, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Charlotte, median monthly gross rent as a fraction of median household income was 19.46% in 2019 according to the ACS.
Charlotte North Carolina Median Annual Rent as a Fraction of Median Household Income
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 20.03% | -0.47% | -0.40% |
North Carolina | 19.48% | -0.57% | -0.42% |
Charlotte, NC | 19.46% | -0.68% | +0.48% |
Trends in Charlotte, NC Rent as a Fraction of Income
The fraction of median Charlotte household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 20.15%. Since then it has fallen by 0.68% to 19.46%.
Fraction of Income towards Rent: Charlotte NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Charlotte North Carolina
Date | US | North Carolina | Charlotte, NC |
---|---|---|---|
2019 | 20.03% | 19.48% | 19.46% |
2018 | 20.50% | 20.05% | 20.15% |
2017 | 20.13% | 19.59% | 19.17% |
2016 | 20.43% | 19.90% | 18.99% |
2015 | 20.63% | 20.75% | 20.02% |
2014 | 20.89% | 20.70% | 19.81% |
2013 | 20.78% | 20.34% | 19.55% |
2012 | 20.65% | 20.09% | 19.07% |
2011 | 20.70% | 20.36% | 19.42% |
2010 | 20.50% | 20.25% | 18.72% |
2009 | 20.12% | 19.78% | 18.56% |
2007 | 18.66% | 18.21% | 17.12% |
2005 | 18.89% | 18.71% | 17.93% |
Renter Fraction in Charlotte North Carolina
You can calculate the renter fraction in Charlotte in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Charlotte as a fraction of total Charlotte households. In 2019 34.57% of households were renters according to Census ACS data.
Charlotte Fraction of Renters by Household Units
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 35.89% | -0.16% | -0.99% |
North Carolina | 34.69% | -0.17% | -1.09% |
Charlotte, NC | 34.57% | +0.30% | -0.62% |
Trends in the Charlotte, NC Renter Fraction
The Charlotte household renter fraction peaked in in 2012 at 35.69% and is now 1.12% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Charlotte NC, North Carolina, US
History of Charlotte Renter Fraction
Date | US | North Carolina | Charlotte, NC |
---|---|---|---|
2019 | 35.89% | 34.69% | 34.57% |
2018 | 36.05% | 34.86% | 34.27% |
2017 | 36.13% | 34.60% | 34.40% |
2016 | 36.88% | 35.78% | 35.19% |
2015 | 36.97% | 36.13% | 35.36% |
2014 | 36.90% | 35.75% | 35.36% |
2013 | 36.50% | 35.74% | 35.02% |
2012 | 36.09% | 34.56% | 35.69% |
2011 | 35.42% | 33.49% | 33.91% |
2010 | 34.65% | 32.83% | 32.82% |
2009 | 34.13% | 32.81% | 33.09% |
2007 | 32.80% | 31.70% | 32.69% |
2005 | 33.10% | 31.81% | 32.10% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩