Cary, North Carolina Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Cary, North Carolina rental market.
Highlights
An apartment for rent in Cary, North Carolina typically goes for $1,651 per month, while a single-family home for rent in Cary, North Carolina has a monthly cost of around $2,422. Renter-occupied units make up 33% of the local housing market, while the rental vacancy rate in Cary, North Carolina is at 11.
Cary, North Carolina
Average Apartment Rent
$1,651
Y-o-Y Change in Average
Apartment Rent
0.4%
Average Single-Family Rent
$2,422
As of November 2024
Compared to a year ago, Cary, North Carolina apartments have recorded a 0.4% rent increase.
Cary, North Carolina Average apartment rent trend
Cary, North Carolina Average Apartment Rent
Cary, North Carolina Apartment rent ranges
At 43.58%, apartments priced $1,500 - $2,000 represent the bulk of Cary, North Carolina rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.01%.
Cary, North Carolina Housing tenure**
Renters take up 33% of Cary, North Carolina real estate, occupying a total of 21,920 units, while homeowners live in 44,200 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$77,965
Average household size of renter-occupied housing units**
2.3
Rental vacancy rate**
11%
Cary, North Carolina Renter-occupied housing units by no. of bedrooms**
There are 8,882 rentals in Cary, North Carolina with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 315 units. Overall, the median number of rooms in Cary, North Carolina homes for rent is 4.2.
Cary, North Carolina Renter-occupied units by age of householder**
Most condos for rent in Cary, North Carolina are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 35 - 44 years age group (24%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 4%.
Cary, North Carolina Renter-occupied housing units by family type**
Cary, North Carolina Renter-occupied housing units by the presence of own children**
A total of 11,590 apartments for rent in Cary, North Carolina, or 53% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 6,481 units. All in all, the median size of a renter-occupied household in Cary, North Carolina is 2.3.
Cary, North Carolina Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 63% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Cary, North Carolina.
Cary, North Carolina Renter-occupied units by year structure built**
The highest share of Cary, North Carolina apartment rentals, namely 26% or 5,797 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (24%, 5,225 units), and the ones Built 1990 - 1999 (21%, 4,541 units).
Cary, North Carolina Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Cary, North Carolina renters (48%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Cary, North Carolina condos for rent is 2019.
Cary, North Carolina Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Cary, North Carolina renters have 1 vehicle available per household, 34% of them have 2 vehicles available, and 7% have No vehicle available.
Cary, North Carolina Means of transportation to work of householders living in renter-occupied housing units**
Cary, North Carolina Geographical mobility in the past year for householders living in renter-occupied housing units**
Cary, North Carolina Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Cary, North Carolina apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
