Charlotte apartment renters saw a slight decrease in average rent in November, marking the third month in a row numbers dropped, according to Axiometrics, the leader in apartment and student housing market intelligence.
“A decrease in average rent occurs seasonally and is not a cause for alarm this time of year,” said Stephanie McCleskey, vice president of research for Axiometrics. “Leasing velocity slows this time of year, so a decrease in average rent can occur as a result.”
Charlotte-Concord-Gastonia Metropolitan Statistical Area (MSA)
In researching Charlotte as compared to the national market, Axiometrics reported data as follows:
| Nov.2016 | Oct.2016 | Nov.2015 | |
| Charlotte | |||
| Average Rent | $1,028 | $1,034 | $991 |
| Annual Effective Rent Growth | 3.8% | 4.3% | 5.8% |
| Occupancy | 95.3% | 95.5% | 95.6% |
| National | |||
| Average Rent | $1,278 | $1,285 | $1,245 |
| Annual Effective Rent Growth | 4.5% | 2.6% | 4.6% |
| Occupancy | 94.7% | 94.9% | 95.0% |
Source: Axiometrics
The rolling two-year data for Charlotte continue to signal turbulent effective rent growth and occupancy rates.
Charlotte Submarket Report
Of the 15 Charlotte submarkets with more than 1,000 units, the following areas comprised the top five for annual effective rent growth in November 2016.
| Ranking | Charlotte Submarket | Effective Rent Growth November 2016 |
| 1. | Gaston County | 8.8% |
| 2. | Concord/North Concord | 6.6% |
| 3. | East Charlotte-Albemarle Corridor | 6.5% |
| 4. | North Pineville | 6.3% |
| 5. | Rock Hill | 4.0% |
About Axiometrics
Axiometrics’ expertise is monitoring and reporting on the apartment and student housing markets, providing an in-depth view of volatile market trends. Axiometrics’ granular data-collection methods and thorough analysis help clients make profitable – and wise – decisions.
To learn more visit www.axiometrics.com, follow @Axiometrics or on LinkedIn, or call 214-953-2242.
