Raleigh, N.C. — Rent prices in Raleigh continue to rise as the economy rebounds from the pandemic, according to a new report from Apartment List.
Raleigh rent prices have risen by 21.7% since last spring and the median price of a two-bedroom apartment has reached a high of $1,540, the report indicates.
“Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise,” according to Apartment List. “The state as a whole logged rent growth of 20% over the past year.”
Asheville is the most expensive major North Carolina city to rent an apartment in, with the median two-bedroom apartment at $1,774.
While across the nation renters are dealing with price hikes, rent prices are relatively high in Raleigh when compared to other major cities.
“For example, Detroit has a median two bedroom rent of $931, where Raleigh is more than one-and-a-half times that price,” the report says.
Month-over-month rent growth is substantially cooler than it was last summer, according to the Apartment List report. However, February’s growth was still faster than what it was before the pandemic.
RentCafe says that only 6% of apartments available for rent in Raleigh right now less than $1,000.
According to ZipRecruiter, the average hourly wage in North Carolina is $18 an hour, or $37,269 a year, which suggests the average renter in Raleigh is spending the majority of their income on housing.
People who pay between 30% to 40% of their income qualify for federal housing assistance or Section 8 housing, which means the average Raleigh resident likely qualifies.
Reatlor.com predicts the rental market will only get tighter this year.
“At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic,” the report states.
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