CHARLOTTE, N.C. — Lesli Fraizier decided to move into a South End studio apartment for two reasons. One, because it’s a good neighborhood to go running, and two, because it was affordable. 

“I was paying $978 base rent,” Frazier said. 

She moved in during October 2020. Now, that same 522-square-foot studio is going for $1,500 per month.

“At what point in time do you want to pay $1,600 [sic] for 500 square feet?” Frazier asked. 

She’s not the only one seeing a rent hike in the Charlotte Metro Area. According to CoStar, a real estate data firm, rent has increased by about 16 percent across the board. South End, where Frazier lives, has seen the highest jump with nearly a 25-percent increase. 

As Frazier started shopping for a new home, she’s realized there aren’t many options.

“There’s not a lot of availability, so somebody has to be renting them,” she said.

And, she’s right. Data from CoStar shows Charlotte only has a four percent vacancy rate - a historic low for the city. But, Frazier says the scavenger hunt for a bigger space is worth it. 

“If I didn’t have to work from home, it would be fine, but at this time, I really need more space,” she said.

After several weeks of searching for a new place, she’ll soon leave the studio apartment for good, but not the neighborhood. She found another apartment with a higher price tag, but says it’s worth it. 

“The square footage of the new apartment is 1300 and I’ll be paying $1,700 a month,” she said. “I’ll actually have an office this time.”

Rent didn’t go up as much in areas that have seen a comparatively larger inventory expansion within the last 12 months, according to CoStar.

Union County, for example had the largest inventory expansion, and the lowest rent increase. Rent jumped by about 10 percent there.