Raleigh Residential Rent Increases Below State Average
Rents are up in Raleigh, but not as much as in the rest of North Carolina, the Triangle Business Journal reports, citing Apartment List data. In November, rents in the Raleigh market were up 2.7% from a year ago.
That compares with the statewide average of 3.3% over the last 12 months.
Cary is the most expensive place to rent among North Carolina's 10 largest cities. Median rent for a two-bedroom unit, as of November, was $1,210.
Though rents have not increased as much in greater Raleigh as elsewhere, the market is still relatively expensive for renters. It is No. 2 in the state after Cary, with the median rent for a two-bedroom running $1,120 in Raleigh.
An Apartment List report released in November found that 42% of Raleigh renters were “cost burdened,” or paying more than one-third of their income for rent.
Even so, that is fewer households than in other comparable markets, such as Nashville (45%), Austin (47%), Portland, Oregon (50%), and Richmond, Virginia (51%).