In the 2nd quarter of 2023, rents in the Charlotte-Concord-Gastonia, NC-SC metro rose by 2.5% year-over-year to $1,600 per month. This increase falls below the market’s five-year average of 7.1%. In recent years, rent performance has been predominantly driven by Class B units. However, a shift occurred in the 2nd quarter of 2023, with Class A units taking the lead, showing a 3.8% annual rent increase. This is compared to Class B units, which experienced a 1.9% change, and Class C units, which saw a 2.8% change. Among submarkets, East Charlotte and Myers Park stood out with the most substantial annual rent increases in the quarter, at 5.1% and 4.9%, respectively. Conversely, the weakest performances were found in UNC Charlotte, at -0.2%, and South Charlotte, at 0.2%. Moving forward, the rent increases in the Charlotte market are anticipated to remain around the current level of 2.5% through 2024.