North Raleigh has been growing rapidly, spanning the both the inner-beltway and outer-beltway areas. Though most of this area has a more suburban geography, there are also a number of urban-style apartments the closer you get to downtown. However, North Raleigh has a number of shops and restaurants in its own right, as well as the North Hills Country Club if you wish to golf or swim. If you’re an ardent traveler and live in the Northwest area, you’ll have convenient access to the Raleigh-Durham International Airport. For those that wish to enjoy the great outdoors, you can always job over to the sprawling William B. Umstead State Park for a nice hike or just to enjoy the scenery. Because North Raleigh is a little more “out of the way” than the rest of the city, you can get a lot of bang for your buck when living here.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the April 2020 Raleigh Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the April 2020 key findings and figures for the Raleigh rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Raleigh 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 Raleigh rent prices in the chart below.
Raleigh rent prices increased over the last month. From March to April, the city experienced a 3.36% increase for the price of a one-bedroom apartment. The rent price for a Raleigh one-bedroom apartments currently stands at $1,077.0.
When we take a look at the two-bedroom comparison from March to April, Raleigh experienced a 2.19% increase for the price of a two-bedroom apartment. The rent price for a Raleigh two-bedroom apartments currently stands at $1,309.0.
Rent prices have increased in Raleigh over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 1 of the Raleigh suburb increased last month. On the other hand, 5 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Morrisville, NC .
Rent decreased in Cary, NC, Apex, NC, Garner, NC, Wake Forest, NC, Clayton, NC.
4 suburbs are currently priced higher than the city of Raleigh.
2 suburbs are currently priced lower than the city of Raleigh.
Rent growth in Raleigh over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Raleigh rent prices appear to be relatively affordable for local residents.
The price for a Raleigh 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 April 2020 National Apartment Report and data set here.
For more information about Raleigh and surrounding area rent prices, take a look at the complete data set below.
|1 BR April||1 BR M/M % Change||2 BR April||2 BR M/M % Change|
|Wake Forest, NC||$1,236.0||-7.55%||$1,377.0||1.18%|
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.