Department of Numbers

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 $949 in 2016 according to the Census ACS survey.1 Average gross rent in Charlotte was $945 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Charlotte median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Charlotte North Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
North Carolina Median Gross Rent $839 +0.12% +7.29%
Charlotte, NC Median Gross Rent $949 +2.37% +12.98%

Charlotte, NC Real Gross Rent Trends

At $949, real median gross rent in Charlotte was at its highest level in 2016 since the series began in 2005. At $945, real average gross rent in Charlotte was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Charlotte: Charlotte NC Median, Charlotte NC Average, North Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Charlotte

Date US
Median
North Carolina
Median
Charlotte, NC
Median
Charlotte, NC
Average
2016 $981 $839 $949 $945
2015 $972 $838 $927 $935
2014 $942 $810 $891 $901
2013 $910 $782 $840 $862
2012 $898 $768 $847 $883
2011 $898 $768 $846 $864
2010 $912 $780 $840 $865
2009 $916 $784 $863 $884
2008 $932 $785 $869 $881
2007 $885 $761 $852 $845
2006 $895 $769 $830 $851
2005 $869 $758 $841 $837

Charlotte Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Charlotte North Carolina was 5.36% according to Census ACS data.

Rental Vacancy Rate in Charlotte North Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
North Carolina 6.99% -0.03% -0.47%
Charlotte, NC 5.36% +0.12% -0.44%

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 4.40% to 5.36%. Data records for this series originated in 2005. From a 2015 post peak low of 5.24%, the rental vacancy rate has increased by 0.12%.

Rental Vacancy Rate: Charlotte NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Charlotte

Date US North Carolina Charlotte, NC
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%
2008 7.86% 9.58% 9.31%
2007 7.87% 9.26% 7.65%
2006 7.70% 9.98% 9.60%
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 18.99% in 2016 according to the ACS.

Charlotte North Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
North Carolina 19.90% -0.84% -0.43%
Charlotte, NC 18.99% -1.04% -0.56%

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 2015 (relative to the 2005 series origin) at 20.02%. Since then it has fallen by 1.04% to 18.99%.

Fraction of Income towards Rent: Charlotte NC, North Carolina, US

Percent of median household income going towards median monthly gross rent in Charlotte North Carolina

Historical Data for Annual Rent as a Fraction of Income in Charlotte North Carolina

Date US North Carolina Charlotte, NC
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%
2008 19.00% 17.89% 16.77%
2007 18.66% 18.21% 17.12%
2006 18.90% 18.47% 16.87%
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 2016 35.19% of households were renters according to Census ACS data.

Charlotte Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
North Carolina 35.78% -0.35% +0.04%
Charlotte, NC 35.19% -0.17% +0.17%

Trends in the Charlotte, NC Renter Fraction

The Charlotte household renter fraction peaked in in 2012 at 35.69% and is now 0.50% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Charlotte NC, North Carolina, US

Fraction of renters in Charlotte

History of Charlotte Renter Fraction

Date US North Carolina Charlotte, NC
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%
2008 33.36% 31.82% 31.79%
2007 32.80% 31.70% 32.69%
2006 32.73% 31.94% 31.52%
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.