CHARLOTTE — Folks renting in Charlotte know it is not cheap, and prices only continue to rise.
A new report shows renters are paying almost $200 more each month for a one bedroom apartment than they were a year ago.
Channel 9′s Gina Esposito spoke with renters living in the city who say their budgets are feeling the hit as rent costs climb.
Keith Brice is from Charlotte. When he recently moved back to the city, he was shocked to see the price to secure an apartment.
He pays $1,500 for a one bedroom apartment near Optimist Park. A price, he said, that seems reasonable compared to what other folks are being charged.
“I was seeing $1,700 was like the minimum in some of the places I was seeing,” Brice said. “I saw as high as $2,200 for a one bedroom. Center city was a lot higher. It was like $2,500 for a one bedroom, and those were a lot smaller than the apartment I’m renting right at Optimist Hall.”
A new report by apartmentlist.com shows from March to April that rent in Charlotte rose 1.1%.
Right now, the average cost of a one-bedroom apartment in Charlotte is $1,309. A two-bedroom costs an average of $1,463.
“It was shocking, honestly,” Brice said. “I know there are people who aren’t as fortunate who have to work two jobs (to afford rent).”
According to Apartment List’s report, rent growth in Charlotte and North Carolina is rising above the national average.
Brice said to find a place that fits your budget in Charlotte, you will need to shop around. He said that can be easier said than done for a lot of people.
“As we know the housing market is just crazy,” he said. “Right, it’s obviously driving up the demand for rents going higher, because you have to live somewhere. You have to pay it so its scary, but at the same time, it’s great to see the growth in Charlotte.”
The report says Charlotte ranks fourth in terms of rent growth statewide. Asheville leads the list followed by Cary and Raleigh.
(WATCH BELOW: It’s cheaper to buy than rent in all but three counties in the Charlotte market)
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