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Cheap Apartments in Raleigh, NC

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Cheap Apartments in Raleigh, NC

Search and browse 6030 cheap (under $400) apartments available for rent in Raleigh, NC. With apartments that span the entire city, you will find an apartment in Raleigh for just the right price. During your search, sort your favorite cheap (under $400) apartments by one of our listed amenities — covered parking, in-unit washer and dryer, a rooftop pool, a modern fitness center, an updated kitchen, energy efficient appliances, smart technology, online leasing, payments, and more. Want to tour a property? Schedule a tour online and you’ll be moving in to your new Raleigh apartment before you know it.

August Rent Report

Welcome to the August 2021 Raleigh Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the August 2021 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 average rent prices in the chart below.

Monthly Rent Report

Raleigh Rent Prices Increase From July to August

Raleigh rent prices increased over the last month. From July to August, the city experienced a 2.11% increase for the price of a one-bedroom apartment. The rent price for a Raleigh one-bedroom apartments currently stands at $1,064.0.

When we take a look at the two-bedroom comparison from July to August, Raleigh experienced a 2.33% increase for the price of a two-bedroom apartment. The rent price for a Raleigh two-bedroom apartments currently stands at $1,362.0.

August Prices: Raleigh vs. Surrounding Areas

Rent Prices in Raleigh and Surrounding Areas

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 6 of the Raleigh suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Cary, NC, Morrisville, NC, Apex, NC, Wake Forest, NC, Clayton, NC, Fuquay-Varina, NC .

  • Rent decreased in Garner, NC.

  • 7 suburbs are currently priced higher than the city of Raleigh.

August 2021 Pricing Trends: Raleigh vs. National Comparisons

Raleigh Rent Prices More Affordable Than Major Cities

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 average 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 Rentable's August 2021 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.

Data set for Raleigh and suburbs

1 BR August 1 BR M/M % Change 2 BR August 2 BR M/M % Change
Raleigh, NC $1,042.0 0.48% $1,331.0 1.99%
Cary, NC $1,192.0 1.88% $1,358.0 2.72%
Morrisville, NC $1,159.0 4.41% $1,499.0 6.77%
Garner, NC $1,196.0 -1.65% $1,432.0 0.14%
Apex, NC $1,158.0 0.78% $1,351.0 2.12%
Wake Forest, NC $1,137.0 0.44% $1,322.0 -1.20%
Clayton, NC $1,175.0 2.53% $1,344.0 2.67%
Fuquay-Varina, NC $1,244.0 3.15% $1,431.0 0.21%


Each month, using over 1 million Rentable 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.