Charlotte-Gastonia-Concord, N.C.

Rank: 8
Rent drop: -2.9%
Q4 2008 rent change: -3.8%
Q4 2007 rent change: -0.9%
Effective rent: $736.40

The recession struck the Charlotte area later than it did much of the country, but the banking center is now getting hit. Layoffs are accelerating in and around Charlotte, home of Wachovia and Bank of America. The unemployment rate jumped to 8.1% in November 2008 compared to 4.8% in November 2007. The apartment vacancy rate jumped to 8.5% in the fourth quarter last year from 6.3% in the same period in 2007. Landlords on average are giving 3.1 weeks of rent concessions.