Charlotte's rental market showed signs of stabilization in early 2025, with inventory levels growing across most property types and rents continuing a steady climb. While property managers' expectations for rent growth were mixed, demand remained strong, and leasing activity recovered compared to last year. A rise in concessions and increased rental inventory suggest a more competitive environment as the city heads into the spring season.
Rents continued to rise, especially for one- and two-bedroom units, reflecting ongoing demand for space. At the same time, inventory increased across the market, offering renters more options as the busy spring season approached. Despite this, properties are leasing relatively quickly, indicating strong interest and a competitive market.
Looking ahead, property managers are optimistic about pricing trends, with many expecting rents to hold steady or see slight increases. As the market enters peak season, the overall outlook remains positive, with strong fundamentals and continued momentum.
Continue reading for detailed insights into Charlotte's rental landscape, including rent trends, leasing activity, property manager sentiment, and more.
In Charlotte, 17% of property managers anticipate rent prices will rise over the next six months, while 69% expect them to remain the same. Interestingly, 14% predict a decrease, one of the higher percentages among major markets, suggesting a more mixed outlook on pricing. On the demand side, 34% of property managers are seeing more applicants for their available rentals, indicating growing interest and potential competition among renters. Meanwhile, 64% report stable applicant levels, and only 2% are experiencing fewer applications. Overall, while rent price expectations are split, demand appears to be trending upward.
In Q1 2025, 34% of Charlotte rental listings featured concessions, outpacing the national average of 28%. While this is down from earlier highs, the uptick from Q4 2024 suggests landlords are once again leveraging incentives to compete for tenants as the busy season approaches.
Charlotte rentals moved at a pace comparable to national averages in Q1 2025. Single family homes averaged 23 days on market, on par with the national figure, while multifamily properties took 27 days, slightly above the national 23-day average. This marks a continued recovery from the sluggish activity seen in early 2024.
Rental rates in Charlotte climbed steadily into Q1 2025. One-bedroom units increased to $1,394, and two-bedrooms hit $1,564, both marking year-over-year gains. Three-bedroom units remained stable at $1,800. Multifamily rents reached $1,564, while single family homes leveled off at $1,595 after declines in mid-2024. The data reflects sustained renter demand with modest upward price pressure.
Inventory in Charlotte expanded across most property types in Q1 2025. One-bedroom listings rose by 10.8%, two-bedrooms by 10.6%, and multifamily units by 11.6%. Three-bedroom listings saw modest growth at 3%, while single family homes increased slightly by 1.6%. This broad uptick in availability may help moderate further rent increases as more options hit the market.
This guest chart, courtesy of Snaptimate, illustrates regional cost trends for a typical residential unit turnover. The sample scope is for an 800 single-family unit and includes interior painting, carpet replacement, and resurfacing a pressure-treated deck. While the Northeast remains the most expensive region, the West is rapidly catching up with a 3.8% quarter-over-quarter increase - the highest in the country. Turnover costs are rising nearly everywhere, with 95% of markets analyzed showing upward movement. In the Charlotte market specifically, costs increased by 0.67%. In this work scope labor costs made up the bulk of the total, so wage inflation had the greatest impact on overall increases. The effect of tariffs on construction materials remains unclear, but it will be a key factor to watch in the coming quarters.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Charlotte-Concord-Gastonia, NC-SC, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q1 2025 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution. ©2025 by Rental Beast
Snaptimate (www.snaptimate.com) is an app that delivers instant, localized cost estimates for residential repairs, replacements, and renovations—tailored specifically for real estate professionals. It is fueled by the same data trusted by contractors for more than 20 years in the nation’s #1 estimating platform.
