Rent prices around Charlotte are on the decline. That’s according to a new report by Realtor.com, which finds Charlotte’s median rent has dropped 5.2% in June compared with a year ago.
The report found Charlotte's median rent has fallen to $1,527 for studio, one- and two-bedroom apartments combined.
That was the sixth-largest decline among the nation’s 50 largest metro areas.
The study found most of the cities with large declines in rent were in the South. The were led by Austin, Texas (-9.5%), San Antonio, Texas (-8.2%), and Nashville, Tenn. (-8.1%).
"This trend is unsurprising given the substantial increase in new rental supplies in these areas," the study said.
Meanwhile the median rent in Raleigh rose nearly 30% from a year ago and is now roughly on par with Charlotte prices. The study found the median rent in the Raleigh-Cary area rose in June to $1,546.
