Rental Market Trends in Raleigh, NC [2024]
April 26th, 2024
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Rental Market Trends in Raleigh, NC [2024]
Are you considering moving to Raleigh and want to know the average rental prices? Here is everything you need to know about the rental market trends in Raleigh, NC, for 2024.
With a population of 488,854, Raleigh, NC, is currently growing at a rate of 1.27% annually. It is not hard to see why so many people are moving to this amazing city.
As the capital of North Carolina, Raleigh has more than enough to offer every visitor and resident. From amazing museums, bars, restaurants, and prime real estate, there is no place like Raleigh.
Home to the University of North Carolina State, there are many rental options near downtown, one of the many pros of living in Raleigh. Many rental options exist for young adults, retirees, or families away from the lively downtown area. No matter what you are looking for in a rental, Raleigh has everything you could need.
Before moving to any new area, you should have a good idea of the housing market. This way, you will be better prepared to afford your rental and hopefully save up enough to buy your own home in Raleigh.
Keep reading to learn all about the rental market trends in Raleigh, NC, for 2024.
Chapters
1. Current Rental Market Trends in Raleigh
Over the last year, rental prices in Raleigh have dropped significantly. This is a direct result of the new apartment constructions and the increasing vacancy rate. As one of the fastest-growing cities in the country, Raleigh has had to build a substantial amount of new rental properties.
About 10,922 new apartments have been built in the Raleigh-Cary area since the end of 2023, according to The News & Observer. Raleigh was ranked 12th out of 296 cities in the country for new apartment construction this year, right behind Charlotte.
Currently, the average rent for a two-bedroom apartment in Raleigh is about $1,550 per month, a 1.9% increase from the previous year. However, as more people migrate to Raleigh, the increasing number of rentals has resulted in more vacancies. The good news is that this decreases the rental rates for new leases in existing apartments.
Rental prices will vary greatly depending on what area you are looking at and what home type. While there are many apartment rentals, sometimes renting a home is slightly cheaper. Here are the average prices for rentals in Raleigh by number of bedrooms according to The News & Observer.
| Number of Bedrooms | Average Price 2024 | % Change Since Last Month | % Change Since 2023 |
| 1 | $1270 | 2.3% | 7.3% |
| 2 | $1,550 | 1.3% | 1.9% |
Rentals in Raleigh are lower in comparison to the national average, which is $1,379, according to Statista. This means that, on average, you can expect to pay less on rent in Raleigh than you would in the majority of cities in the U.S.
2. Housing Market Forecast for 2024
As a hub for technology, education, and research, Raleigh has become an extremely sought-after area to live. With the predicted economic growth, the population is also expected to increase, leading to a higher demand for housing than in previous years.
Wake County as a whole has been referred to as a seller's market, meaning that prices are generally higher and homes are sold faster. Data suggests that the housing market will stay a seller's market as the year progresses.
As a renter, you may not be as impacted by the seller's market as a homebuyer would be. However, this is good to keep in mind if you are planning on buying a home in Raleigh in the future. This may also impact you if you are renting a house from a current homeowner.
Many people are gravitating towards the outskirts of Raleigh due to better home prices. This is expected to continue through 2024, and home values are expected to increase.
3. Inventory in Raleigh
Raleigh has set a record for new apartment construction to put a dent in the shortage of rentals in the area. In order to keep up with the rise in population, there are a total of 370 apartment buildings in Raleigh.
Raleigh is committed to creating, preserving, and encouraging the development of affordable housing in the city. Back in 2016, the city established its goal to create 570 affordable housing units per year for ten years by 2026. So far, 3,439 affordable housing units have been built. These are primarily new single-family houses and townhomes for city residents.
There are many homes, townhomes, condos, and apartments available for rent for people of all ages for long-term or short-term leases. In the long term, buying a home will be a significant investment in Wake County as the population growth will continue to create a steady number of home buyers. Meaning if you are planning on buying a home after renting in the coming years, it wouldn't hurt to start looking now.
4. Best Apartments in Raleigh
Raleigh is home to an abundance of amazing apartments with great locations, amenities, and prices. From luxury apartments to more affordable complexes, you can live in the heart of the city or a quiet location. These are just a couple of the top apartments for rent in Raleigh.
616 at the Village Apartments
616 at the Village Apartments are located in the Raleigh village district, formally known as Cameron Village. Since its establishment in 1949, this area has become one of the top locations in Raleigh for shopping, eating, and entertaining.
The community has many amenities, including a rooftop terrace with views of downtown, a pet-friendly community, an outdoor bar and grill, a swimming pool, a fitness center, and much more. The apartments feature 10-12-foot ceilings, walk-in closets, wood-inspired flooring, stainless steel appliances, and an in-home washer and dryer.
Units at 616 The Village range in price from $1,300 to $4,500, depending on various factors like the number of beds and baths.
Vine North Hills Apartment
North Hills Development is the premier place in the Triangle for all things shopping, dining, nightlife, and entertainment. Plus, year-round events are held during the development. This is partially why Vine North Hills Apartments are so popular.
These sophisticated and luxurious apartments have many amenities, including a large clubhouse, multi-level courtyard, luxury pet spa, 2,000+ square foot fitness center, work-from-home center, and much more. Essentially, this apartment complex has everything you could possibly need.
The units themselves have smart-lock keyless entry access, stainless steel appliances, premium quartz countertops, designer lighting, walk-in closets, frameless glass showers, and tons of cabinetry.
You can choose from studios, one-bed, two-bed, and three-bedroom units. Prices range from $1,329 to over $2,304 per month.
511 Faye
511 Faye is a high-rise apartment complex in the heart of downtown Raleigh. Situated right on Fayetteville St., this apartment complex is extremely popular because it is within walking distance of all the amazing shops, restaurants, bars, and more. This location is perfect for people who enjoy city living and need their favorite amenities close by.
The apartments include quartz countertops, Bluetooth keyless door locks, 9+ foot ceilings, floor-to-ceiling windows, walk-in closets, concrete accents, and more. In addition, there are more than enough amenities in the building to keep you busy, including views of downtown, Skydeck swimming pool, fitness center, yoga studio, outdoor kitchen, clubroom, game room, and residential concierge.
The prices for apartments vary significantly, with studios between $1,400 and $2,500, one bed between $2,000 and $3,000, and two beds between $2,500 and $5,000.
5. Is Raleigh a Good Place to Rent?
Raleigh is one of the most competitive rental markets in the Southeast. Approximately 48% of residents in Raleigh are renters. This includes students, families, retirees, and young professionals.
Raleigh is an amazing place to live no matter your age and is a great place to start looking at rentals if you aren't ready to buy a home. Although rental prices aren't as high as they are in other cities around the country, Raleigh is an extremely sought-after city, and it may be hard to find a place that checks all your boxes. This means you should start looking as soon as you can.
Methodology
We used information and data from several different sources, as well as our own data, to determine everything you need to know about the rental market trends in Raleigh, NC [2024]. Most of the data was sourced from the following sources:
FAQ: Rental Market Trends in Raleigh, NC [2024]
Here are a couple of commonly asked questions about the rental market trends in Raleigh, NC [2024].
Are rent prices going down in Raleigh, NC?
The median rent in Raleigh has risen by over 0.7% this month but has decreased over the past 12 months. Rental prices in Raleigh have fallen over the past year but may rise as we move into Summer.
Is Raleigh real estate overpriced?
Raleigh's median sale price is 1% lower than the national average. In addition, the cost of living in Raleigh is 2% lower than the national average. The population is growing rapidly, and prices may increase as the area becomes more popular.
Why is Raleigh's rent so expensive?
Raleigh has grown tremendously over the past couple of years, but the supply and demand balance of rentals has been negatively affected.
Is it cheaper to rent or buy in Raleigh, NC?
Data suggests that renting is cheaper than buying. However, this all depends on where you live and how many people are in your home.
What is the outlook for real estate in North Carolina?
The housing market in North Carolina is somewhat competitive. There was a total of 1,133 homes sold in March in Wake County, and since the beginning of 2024, homes have been selling faster and at higher prices. If you are planning on moving to anywhere in North Carolina, keep an eye on the market as it is constantly changing.
Rental Market Trends in Raleigh, NC - The Bottom Line
While there are many pros and cons to renting, many renters dream of owning a home of their own. In the meantime, renting is a great alternative if you aren't quite ready to buy a forever home, and there is no better place than Raleigh.
The best time to rent a home is typically between October and April when the lowest rental rates are found. Usually, rental rates are much higher during the summer months when the demand is high. Depending on how long you are considering a rental in Raleigh, you may still be able to find affordable rentals during the summer.
No matter where you decide to move to in the Triangle, your family will be surrounded by amenities and local favorites. Whether you are searching for a single-family home, townhome, condominium, or apartment complex, you are bound to find the perfect home in Raleigh.
Before you buy your next home in the Triangle, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, so make sure you are prepared beforehand.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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