Charlotte Rent Prices Are Going In A Different Direction Of National Trend
For most of my life, I’ve lived in Gastonia or Charlotte. Currently, I live in Gastonia and the traffic going to and from Charlotte is a ruckus! Recently my mom told me that I should plan on moving to Charlotte so I’m not sitting in traffic daily. I explained to her that I can’t afford it! Rental prices all over the country have gone up over the last few years. Nationally, there’s a bit of a decline now, except in Charlotte.
My rent in Gastonia went up $75 dollars a month. A bummer, but my rent is still below average, so I’m lucky! According to WCNC, rental prices in Charlotte have gone up, increasing 20% in the last three years. This is according to a national study performed by Rent.
The study by Rent shows that national median rent prices are finally going down, but not in our area. The researchers at Rent say that Charlotte rental prices are as high as they’ve ever been. And it will probably continue to rise as condos and apartment complexes are being built at a fast rate in Charlotte. Many people are living in Gaston County and commuting to Charlotte as rental prices here are a bit lower, but not by much.
Prior to moving to my current apartment, I lived in Mount Holly, which is just outside of Charlotte. I was paying over $1300 a month for a 700 square foot apartment. And this was three years ago! Granted, the apartment was newer, with great amenities. Now, I’m paying a few hundred dollars over half that rent for a bigger place. It’s an older apartment and it’s further from Charlotte and work, but at least I can afford it without straining my budget too much.
The Rent study show that from May 2022 to May 2023, rental prices have gone up 8% in Charlotte. When they were looking at May 2021 to May 2023, the numbers went up to 16%. They say that short supply is driving up the demand for affordable housing. This is not helping with prices.
This is contributing to my crazy long commute! Lots of folks, like me, cannot afford the rental prices in Charlotte. That’s why folks are moving into areas surrounding Charlotte. Gastonia and Gaston County in general, has grown considerably over the last few years.
A few weeks ago, I had to take out some money from one of my 401 K accounts, just to pay some medical bills. Everything is so expensive, it’s the only thing I could do to get ahead for once. Crazy!
We definitely have an affordable housing problem in our area, especially in Charlotte. Doing the math, it’s still cheaper for me to live in Gaston County than Charlotte, even with the cost of gas. I’m not smart enough to come up with a solution to the rising rent in our area. I just hope the cost of living goes down at some point, and I’m sure many agree with me!
As @ColinWCNC shares, rental prices are going in the opposite direction of what researchers say is a decrease around the nation in prices.https://t.co/qARTfZX38i
— WCNC Charlotte (@wcnc) June 22, 2023
