Raleigh, NC Rental Market Trends
Raleigh Rent Report: September 2023
Welcome to the Apartment List September 2023 Rent Report for Raleigh, NC. Currently, the overall median rent in the city stands at $1,500, after falling 0.5% last month. Prices are now down 2.5% 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 down 0.5% month-over-month and down 2.5% year-over-year
The median rent in Raleigh fell by 0.5% over the course of August, and has now decreased by a total of 2.5% over the past 12 months. Raleigh’s rent growth over the past year has is similar to the state average (-2.4%) but has fallen below the national average (-1.1%).
Raleigh rent growth in 2023 pacing below last year
Eight months into the year, rents in Raleigh have risen 2.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to August 2022 rents had increased 9.2%.
August rent growth in Raleigh ranked #77 among large U.S. cities
Raleigh rents went down 0.5% in the past month, compared to the national rate of -0.1%. Among the nation's 100 largest cities, this ranks #77. Similar monthly rent growth took place in Phoenix, AZ (-0.5%) and Columbus, OH (-0.5%).
Raleigh is the #42 most expensive large city in the U.S., with a median rent of $1,500
Citywide, the median rent currently stands at $1,317 for a 1-bedroom apartment and $1,497 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,500. That ranks #42 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,176 for a 1-bedroom, $1,348 for a 2-bedroom, and $1,371 overall. The median rent in Raleigh is 9.4% higher than the national, and is similar to the prices you would find in Charlotte, NC ($1,505) and Tacoma, WA ($1,487).
Raleigh rents are 2.2% lower than the metro-wide median
If we expand our view to the wider Raleigh metro area, the median rent is $1,533 meaning that the median price in Raleigh proper ($1,500) is 2.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.7%, below 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, Morrisville is currently the most expensive, with a median rent of $1,864. Wake Forest is the metro’s most affordable city, with a median rent of $1,408. The metro's fastest annual rent growth is occurring in Garner (-0.9%) while the slowest is in Wake Forest (-12.7%).
You can also use the map below to explore the latest rent trends in the Raleigh metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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