Apartments Under $500 in Chapel Hill, NC

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Apartments Under $500 in Chapel Hill, NC

Search and browse 1473 apartments under $500 available for rent in Chapel Hill, NC. With apartments that span the entire city, you will find an apartment in Chapel Hill for just the right price. During your search, sort your favorite apartments under $500 by one of our listed amenities — covered parking, in-unit washer and dryer, a rooftop pool, a modern fitness center, an updated kitchen, energy efficient appliances, smart technology, online leasing, payments, and more. Want to tour a property? Schedule a tour online and you’ll be moving in to your new Chapel Hill apartment before you know it.

Chapel Hill:
July Rent Report

Welcome to the July 2020 Chapel Hill Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the July 2020 key findings and figures for the Chapel Hill rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chapel Hill and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chapel Hill rent prices in the chart below.

Monthly Rent Report

Chapel Hill Rent Prices Decrease From June to July

Chapel Hill rent prices decreased over the last month. From June to July, the city experienced a -1.29% decrease for the price of a one-bedroom apartment. The rent price for a Chapel Hill one-bedroom apartments currently stands at $1,075.0.

When we take a look at the two-bedroom comparison from June to July, Chapel Hill experienced a -3.96% decrease for the price of a two-bedroom apartment. The rent price for a Chapel Hill two-bedroom apartments currently stands at $1,503.0.

July Prices: Chapel Hill vs. Surrounding Areas

Rent Prices in Chapel Hill and Surrounding Areas

Rent prices have decreased in Chapel Hill over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the Chapel Hill suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rents did not increase in any of the Chapel Hill suburbs

  • Rent decreased in Carrboro, NC.

  • 1 suburb is currently priced lower than the city of Chapel Hill.

July 2020 Pricing Trends: Chapel Hill vs. National Comparisons

Chapel Hill Rent Prices More Affordable Than Major Cities

Rent growth in Chapel Hill over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Chapel Hill rent prices appear to be relatively affordable for local residents.

The price for a Chapel Hill one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of ABODO's July 2020 National Apartment Report and data set here.

For more information about Chapel Hill and surrounding area rent prices, take a look at the complete data set below.

Data set for Chapel Hill and suburbs

1 BR July 1 BR M/M % Change 2 BR July 2 BR M/M % Change
Chapel Hill, NC $1,089.0 0.00% $1,565.0 -1.01%
Carrboro, NC $1,021.0 -0.10% $1,093.0 0.92%

Methodology

Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.