88 Luxury Apartments for rent in Durham, NC
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September 2017 Durham Rent Report
Welcome to the September 2017 Durham Rent Report. Durham rents increased over the past month. In this report, we'll evaluate trends in the Durham rental market, including comparisons to similar cities nationwide.
Durham rents increased slightly over the past month
Durham rents have increased 0.2% over the past month, and are up significantly by 4.5% in comparison to the same time last year. Currently, median rents in Durham stand at $920 for a one-bedroom apartment and $1,080 for a two-bedroom. This is the ninth straight month that the city has seen rent increases after a decline in November of last year. Durham's year-over-year rent growth leads the state average of 4.3%, as well as the national average of 3.0%.
Durham rents more affordable than many large cities nationwide
As rents have increased in Durham, a few large cities nationwide have seen also rents grow more modestly. Durham is still more affordable than most large cities across the country.
- Rents also increased in other cities across the state, with North Carolina as a whole logging rent growth of 4.3% over the past year.
- Durham's median two-bedroom rent of $1,080 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 4.5% rise in Durham.
- While Durham's rents rose over the past year, many cities nationwide also saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Charlotte (+3.9%).
- Renters will find more reasonable prices in Durham than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than two-and-a-half times the price in Durham.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.
