Raleigh Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Raleigh, NC. Currently, the overall median rent in the city stands at $1,424, roughly the same as last month. Prices are now down 4.4% year-over-year. Read on to learn more about what’s been happening in the Raleigh rental market and how it compares to trends throughout the broader Raleigh metro area and the nation as a whole.

Raleigh rents are flat month-over-month and down 4.4% year-over-year

The median rent in Raleigh fell by 0.1% over the course of April, and has now decreased by a total of 4.4% over the past 12 months. Raleigh’s rent growth over the past year has has fallen behind both the state (-2.8%) and national averages (-0.8%).

Raleigh rent growth in 2024 pacing similar last year

Four months into the year, rents in Raleigh have risen 0.2%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.6%.

April rent growth in Raleigh ranked #90 among large U.S. cities

Raleigh rents went down 0.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #90. Similar monthly rent growth took place in Charlotte, NC (-0.1%) and Baton Rouge, LA (-0.2%).

Raleigh is the #51 most expensive large city in the U.S., with a median rent of $1,424

Citywide, the median rent currently stands at $1,255 for a 1-bedroom apartment and $1,430 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,424. That ranks #51 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Raleigh is 2.0% higher than the national, and is similar to the prices you would find in Baltimore, MD ($1,429) and Nashville, TN ($1,421).

Raleigh rents are 1.2% lower than the metro-wide median

If we expand our view to the wider Raleigh metro area, the median rent is $1,442 meaning that the median price in Raleigh proper ($1,424) is 1.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -4.4%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Raleigh metro area that are included in our database. Among them, Apex is currently the most expensive, with a median rent of $1,869. Raleigh is the metro’s most affordable city, with a median rent of $1,424. The metro's fastest annual rent growth is occurring in Apex (1.5%) while the slowest is in Raleigh (-4.4%).

You can also use the map below to explore the latest rent trends in the Raleigh metropolitan area.