Renter percentages in Downtown Charlotte have shown an inverse relationship to homeownership rates, increasing from 70% in 2013 to 80% in 2022. This rise in renters correlates with a steady increase in average rent prices. In 2013, the average rent was $1,473, which grew to $1,641 by 2022, an 11.4% increase. The population of Downtown Charlotte also saw significant growth during this period, rising from 2,497 in 2013 to 6,656 in 2022, potentially contributing to the increased demand for rental properties.

In 2023 and 2024, the average home prices in Downtown Charlotte continued to rise, reaching $522,154 in 2023 and $537,075 in 2024. This represents a 1.2% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.

Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and average rent prices over the next five years. Average home prices are projected to maintain a steady upward trajectory, potentially reaching around $600,000 by 2029. Average rent prices are expected to follow a similar pattern, potentially increasing to approximately $1,900 per month in the same timeframe.

In summary, Downtown Charlotte has experienced a shift towards a predominantly renter-occupied market over the past decade, with declining homeownership rates despite periods of low interest rates. This trend has been accompanied by substantial increases in both average home prices and average rent prices, likely driven by the area's growing population and urban development. The continuation of these trends suggests that Downtown Charlotte will remain a dynamic and potentially challenging housing market for both renters and potential homeowners in the coming years.