Triangle rents have fallen for nearly two years. How long can it last?
Rents continue to tumble across the Triangle amid a post-pandemic construction boom.
In Raleigh, the median rent (mid-point where half cost less and half cost more) for a one-bedroom dropped 1.6% from February, to $1,250 in March, according to Zumper’s national rent report.
That’s down 3.1% year over year.
Rent for two-bedroom units dropped to $1,550. That’s down .6% since February and .6% year over year.
Out of 100 cities nationwide, Raleigh ranked as the 60th most expensive city in which to rent, down four spots.
In Durham, the median rent for a one-bedroom jumped 2.2% from February to $1,290 last month, Zumper found.
However, prices were still down 2.8% year over year. Rents for two-bedroom units increased .6% to $1,610 but were also down 3.6% year over year.
That ranked Durham as the 45th most expensive city, up two spots and higher than Raleigh.
After rents skyrocketed during COVID-19, a post-pandemic construction boom, both nationally and in the Triangle, has triggered a “renter’s market,” analysts say.
Nationwide, rents for a one-bedroom unit dropped .1% since February to settle at $1,524 in March, while two-bedroom rents stayed flat at $1,905.
“The rental market has remained remarkably resilient despite this period of macroeconomic uncertainty,” said Zumper CEO Anthemos Georgiades.
Case in point: In North Carolina alone, more than 12,398 new, single-family rentals are currently in the pipeline, according to a separate Point2Homes build-to-rent report.
To shift stock, many landlords are offering move-in deals. In new buildings like Platform and Seaboard Station’s The Signal in Raleigh, apartment hunters can score up to two months’ free rent, albeit with conditions.
However, the deals may not last for too much longer.
“Despite record levels of new supply entering the market in the past two years, new multifamily construction permits have plummeted, meaning supply will stall within a couple of years, putting upward pressure on rents again,” Georgiades said.
“Right now, it feels like the calm before the storm.”
Under the Trump administration’s new round of tariffs, fears are rising over the potential impact on major U.S. industries, including home building.
Key materials for new construction — lumber, drywall, steel and aluminum — could be substantially more expensive soon, analysts warn, forcing developers to scale back on projects.
An “apartment crunch” — characterized by slowing multifamily construction and rising rents — could be around the corner, said Ryan Fitzgerald, owner of Raleigh Realty. The impact would be multifold, he added.
“Rising rents could encourage more renters to consider homeownership as a more viable option long term,” he said.
On the flip side: This squeeze is likely to exacerbate affordability issues, particularly in urban centers like Raleigh, where demand for housing remains high.
“Many renters in cities may struggle to keep up with rising costs, further widening the gap between wages and housing expenses,” Fitzgerald said.
This story was originally published April 2, 2025 at 7:00 AM with the headline "Triangle rents have fallen for nearly two years. How long can it last?."
