5 Apartments under 700 for rent in Raleigh, NC

Last updated August 18 at 5:28pm UTC
322 Holding Young Rd.
Youngsville
Youngsville, NC
Updated August 18 at 9:44am UTC
2 Bedrooms
$695
1241 University Ct
Raleigh
Raleigh, NC
Updated August 18 at 5:28pm UTC
1 Bedroom
$400
2010 Wolfmill Dr
Raleigh
Raleigh, NC
Updated August 16 at 5:18pm UTC
3 Bedrooms
$425
Results within 10 miles of Raleigh, NC
1331 Crab Orchard Dr
Raleigh
Raleigh, NC
Updated August 15 at 5:24pm UTC
1 Bedroom
$425
2303 Ashe St
Hoover Road
Durham, NC
Updated August 12 at 5:22pm UTC
1 Bedroom
$550

August 2018 Raleigh Rent Report

Welcome to the August 2018 Raleigh Rent Report. Raleigh rents increased over the past month. In this report, we'll evaluate trends in the Raleigh rental market, including comparisons to cities throughout the state and nation.

View full Raleigh Rent Report
Rent Report
Raleigh

August 2018 Raleigh Rent Report

Welcome to the August 2018 Raleigh Rent Report. Raleigh rents increased over the past month. In this report, we'll evaluate trends in the Raleigh rental market, including comparisons to cities throughout the state and nation.

Raleigh rents increase sharply over the past month

Raleigh rents have increased 0.9% over the past month, and have increased marginally by 0.6% in comparison to the same time last year. Currently, median rents in Raleigh stand at $980 for a one-bedroom apartment and $1,140 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in February. Raleigh's year-over-year rent growth lags the state average of 0.9%, as well as the national average of 1.2%.

Rents rising across cities in North Carolina

Throughout the past year, rent increases have been occurring not just in the city of Raleigh, but across the entire state. Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise. The state as a whole logged rent growth of 0.9% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Cary is the most expensive of all North Carolina's major cities, with a median two-bedroom rent of $1,240; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Wilmington experiencing the fastest growth (+2.8%).
  • Winston-Salem, High Point, and Greensboro have all experienced year-over-year growth above the state average (2.5%, 2.5%, and 2.3%, respectively).

Raleigh rents more affordable than many large cities nationwide

As rents have increased marginally in Raleigh, large cities nationwide have seen rents grow more quickly. Raleigh is still more affordable than most large cities across the country.

  • Raleigh's median two-bedroom rent of $1,140 is slightly below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 0.6% increase in Raleigh.
  • While Raleigh's rents rose marginally over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Minneapolis (-0.4%).
  • Renters will find more reasonable prices in Raleigh than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Raleigh.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

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.