Despite cooling rents, this map shows one Triangle ZIP code had a 28% price hike
Despite a national trend showing rent declines in major markets, rents in the Triangle remain high, according to the latest data from RentHub.
This is especially true for one ZIP code in the Triangle.
A new interactive map, powered by data from the national real estate firm, shows the median rent for ZIP code 27278 was $1,865 as of May 2023— a 28.4% jump compared to this time last year.
This area is in Hillsborough, a sparsely populated suburb just outside Durham. It includes six neighborhoods.
ZIP code 27515 clocked the second largest percentage change with a median rent of $2,155 — up 19.79% year-over-year. This is part of the town of Chapel Hill and includes the residential neighborhood of Northside.
On the other side of the spectrum is ZIP code 27608, covering the Five Points and Oberlin communities north of downtown.
The median rent there stood at $1,999 at the end of May, down 6.11% year-over-year.
Behind that was ZIP code 27502, which includes Apex and portions of Cary, Holly Springs and White Oak Township. It recorded a median rent of $1,955 — a 6.9% drop year-over-year.
In all of the ZIP codes displayed, the weighted median rent was $1,900, up by an average of 3.9% between May 2022 and May 2023.
For comparison, Raleigh clocked an annual rent change of .9% through May 2023, according to Apartment List. Durham came in slightly lower at .7%.
