Rent prices have risen over the past year across the U.S., but there are some bright spots: Several cities experienced modest price drops. In fact, the Charlotte area experienced an overall drop in rent prices.
Although rental rates went up nationwide, the increase was actually fairly modest at about 1.5 percent. That's down from a high of 3.6 percent in 2015. The increase was so minimal that it actually lagged the wage growth (2.7 percent) and overall inflation (2.5 percent).
Others that track the real estate market have also noted the slowing of rent prices. Year-over-year growth was down to 2.3 percent, falling from a 2015 rate of 4.7 percent.
It's definitely great news for renters.
To calculate rent growth rates, Apartment List looked at year-over-year changes using rent data collected from Census information through the American Community Survey that included properties ranging from large multifamily buildings to single-family homes. The site then extrapolated those rent estimates forward using price change data from the millions of properties listed on ApartmentList.com.
Of the 25 biggest cities in the U.S., Apartment List found seven where median rental rates actually decreased year over year.
The Charlotte area is one of these cities.