Are rent prices out of control in Raleigh? Here’s how much they increased this decade
It’s probably no secret that rent prices in Raleigh have increased over the last decade, but by how much might surprise you.
An end of the decade report on housing was published by RENTCafe on Tuesday and analyzed important trends that “shaped the country” in the 2010s, specifically related to renting.
The study used data from the U.S. Census Bureau and other sources and looked at the 50 largest cities in the country based on population.
Researchers found that more people are renting their homes than they were in 2010, and that in 2018 renters made up 34 percent of the population, the highest percentage since 1960.
Nationally, average rent prices increased by 36 percent between 2010 and 2019, the study found. In 2010, the average cost of rent was $1,083. In 2019, the average cost is $1,473.
In Raleigh, rent went up more than that during the decade.
In 2019, the average rent is $1,224, which is a 53 percent increase from 2010, according to Marina Andresi, spokesperson for RENTCafe.
Median household income in the city didn’t keep up, only increasing by 35 percent, according to Andresi. That’s still higher than the national increase, which was 31 percent, the study found.
But as rent prices increased, so did the spaciousness of Raleigh apartments, at least by a little.
In 2010, the average Raleigh apartment was 951 square feet, the study found, earning it a spot in the top 10 cities with the largest apartments. That increased by one square foot in 2019, Andresi said.
Compared to 2010, more people considered “high-earning,” or households with incomes over $150,000, were renting in Raleigh in 2018.
There are 5.9 times more of these renters in the city, the study found, ranking it second among the top 20 cities behind Arlington, Texas.
The number of “senior” renters, or those over age 60, also increased in the city during the decade.
There were 88 percent more of these renters in Raleigh, which was the highest increase in the country, according to the study. The next highest increase was 82 percent in Jacksonville, Florida.
And Raleigh renters overall seem to be moving to the suburbs.
There was a 30 percent increase in suburban renters in the city and only a 20 percent increase in urban renters, according to the study.
That means there are 14,400 more people living in Raleigh’s suburbs now than there were in 2010, according to the study. That puts Raleigh third among all cities in terms of the increase in suburban renters.
The overall increase in the number of Americans renting prompted the largest construction boom since the 1980s, according to the study.
Researchers found that 2.4 million apartment units were “delivered” this decade.
This story was originally published December 18, 2019 at 4:51 PM.
