Rent prices in Raleigh are up 21% since last year, few affordable rentals remain :: WRAL.com
Raleigh, North Carolina – Rent prices in Raleigh continue to rise as the economy rebounds from the pandemic, according to a new report from Apartment List.
Rent prices in Raleigh have risen 21.7% since last spring, and the median price for a two-bedroom apartment has hit a high of $1,540, the report said.
“Of the 10 largest cities for which we have data in North Carolina, all saw their prices increase,” according to Apartment List. “The state as a whole has seen 20% rental growth over the past year.”
Asheville is the most expensive major city in North Carolina to rent an apartment, with a median two-bedroom apartment at $1,774.
While tenants across the country are facing price hikes, rent prices are relatively high in Raleigh compared to other major cities.
“For example, Detroit has a median two-bedroom rent of $931, while Raleigh costs more than 1.5 times that price,” the report said.
Month-over-month rent growth is significantly cooler than it was last summer, according to the Apartment List report. However, February’s growth was even faster than before the pandemic.
RentCafe says only 6% of apartments available for rent in Raleigh right now are under $1,000.
According to ZipRecruiter, the average hourly wage in North Carolina is $18 per hour, or $37,269 per year, suggesting that the average renter in Raleigh spends the majority of their income on housing.
People who pay between 30% and 40% of their income are eligible for federal housing assistance or Section 8 housing, which means the average Raleigh resident is likely eligible. According to the Massachusetts Institute of Technology, an adult without children would need to earn $25.14 an hour to be able to eat and stay in Raleigh.
Reallor.com predicts that the rental market will only get tighter this year.
“Nationally, we expect rent growth of 7.1% over the next 12 months, slightly ahead of house price growth, as rents continue to rebound from slower growth at the start of the year. pandemic,” the report said.