Raleigh, 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 Raleigh, North Carolina rental market.
Highlights
An apartment for rent in Raleigh, North Carolina typically goes for $1,585 per month, while a single-family home for rent in Raleigh, North Carolina has a monthly cost of around $1,865. Renter-occupied units make up 49% of the local housing market, while the rental vacancy rate in Raleigh, North Carolina is at 8.6.
Raleigh, North Carolina
Average Apartment Rent
$1,585
Y-o-Y Change in Average
Apartment Rent
-2.6%
Average Single-Family Rent
$1,865
As of July 2024
Compared to a year ago, Raleigh, North Carolina apartments have recorded a -2.6% rent decrease.
Raleigh, North Carolina |Average apartment rent trend
Raleigh, North Carolina| Average apartment rent
Raleigh, North Carolina | Apartment rent ranges
At 49.19%, apartments priced $1,000 - $1,500 represent the bulk of Raleigh, North Carolina rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.12%.
Raleigh, North Carolina | Housing tenure**
Renters take up 49% of Raleigh, North Carolina real estate, occupying a total of 92,812 units, while homeowners live in 97,018 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$52,830
Average household size of renter-occupied housing units**
2.18
Rental vacancy rate**
8.6%
Raleigh, North Carolina | Renter-occupied housing units by no. of bedrooms**
There are 38,780 rentals in Raleigh, North Carolina with 2 beds making up the highest share of the market, at 42%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 560 units. Overall, the median number of rooms in Raleigh, North Carolina homes for rent is 4.
Raleigh, North Carolina |Renter-occupied units by age of householder**
Most condos for rent in Raleigh, North Carolina are occupied by residents in the 25 - 34 years age group (32%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Raleigh, North Carolina | Renter-occupied housing units by family type**
Raleigh, North Carolina | Renter-occupied housing units by the presence of own children**
A total of 37,074 apartments for rent in Raleigh, North Carolina, or 40% of all rentals are family households. Additionally, 23% of rental homes include children under the age of 18 – that’s 21,239 units. All in all, the median size of a renter-occupied household in Raleigh, North Carolina is 2.18.
Raleigh, North Carolina | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 45% of the rental market. In contrast, residents with less than a high school degree reside in 8% of the homes for rent in Raleigh, North Carolina.
Raleigh, North Carolina | Renter-occupied units by year structure built**
The highest share of Raleigh, North Carolina apartment rentals, namely 21% or 19,398 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (19%, 17,492 units), and the ones Built 1980 - 1989 (18%, 16,834 units).
Raleigh, North Carolina | Renter-occupied units by year householder moved in**
Median year renter moved into unit2018
Most Raleigh, North Carolina renters (43%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Raleigh, North Carolina condos for rent is 2018.
Raleigh, North Carolina | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 51% of Raleigh, North Carolina renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 10% have No vehicle available.
Raleigh, North Carolina | Means of transportation to work of householders living in renter-occupied housing units**
Raleigh, North Carolina |Geographical mobility in the past year for householders living in renter-occupied housing units**
Raleigh, 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 Raleigh, 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
