Raleigh rent prices keep increasing. This chart shows by how much.
Raleigh rent costs are on the rise.
The News & Observer reported earlier this year that central Raleigh, which includes downtown, has the most expensive one-bedroom apartments in the region while Chapel Hill/Carrboro has the priciest three-bedroom units.
We took a look at data from RentHub showing how rent has been changing across zip codes in Raleigh for the past 12 months.
A chart showing median rent costs in Raleigh over the past year by zip code can be viewed below.
Comparing rent prices across Raleigh, NC
▪ The Raleigh zip code 27608 has the highest median rent cost at $2,099 for February 2022. One year ago (March 2021), median rent in this zip code was $1,700. This is almost a 23.5% increase.
▪ The Raleigh zip code 27613 has the lowest median rent cost at $1,438 for February 2022. One year ago (March 2021), median rent in this zip code was $1,300. This is about a 10.6% increase.
▪ A penthouse apartment at a complex called The Eastern, located in North Hills, Raleigh, was listed for over $14,000. The nearly 40-story building on Six Forks Road is located in zip code 27609, which has a median rent cost of $1,666, according to RentHub’s data. The penthouse apartment, which is priced at $14,125, is almost 750% higher than the median cost of the area.
“The largest penthouses boast three bedrooms with walk-in closets and attached bathrooms, plus a balcony, powder room and open-concept kitchen and living room. The priciest is on the 35th floor and is listed at $14,125. Two stories below, another is available for $13,825,” The N&O reported.
The least expensive apartment unit in this complex is a 440 square foot studio, the website says. Prices for this unit range between $1,525 and $1,575.
Rent in Raleigh (and across NC) keeps increasing
Apartment List’s most recent Rent Report for the month of March said that rent in Raleigh increased in the last month.
“Raleigh rents have increased 1.0% over the past month, and have increased sharply by 21.7% in comparison to the same time last year. Currently, median rents in Raleigh stand at $1,342 for a one-bedroom apartment and $1,536 for a two-bedroom,” ApartmentList’s March 2022 Raleigh Rent Report says.
“This is the second straight month that the city has seen rent increases after a decline in December of last year. Raleigh’s year-over-year rent growth leads the state average of 20.0%, as well as the national average of 17.6%.”
The 10 largest cities in North Carolina all saw prices rise in the last year, ApartmentList reported. The state saw a 20% increase overall.
For the full report, check out apartmentlist.com/nc/raleigh.
This story was originally published March 17, 2022 at 11:30 AM.
