Cary is a small suburb just outside of the Raleigh Beltline. However, this is sure to be one of the most exciting suburbs you’ve ever spent time in. Though Cary has many of its own attractions, it is also only 15 minutes away from Downtown Raleigh and close to the other “research triangle” cities. For sports lovers, this little ‘burb is paradise. Not only do you have easy access to the sporting events of three major colleges nearby, but you also are located in the same town as the U.S. Baseball National Training Complex. If you’re more inclined towards the arts, you can enjoy the North Carolina Symphony, Booth Amphitheater, or the Lazy Daze Arts and Crafts Festival. For those concerned about transportation, you might be happy to hear that Cary has been praised by the League of American Cyclists for its fantastic biking accommodations. Cary has also been named one of the safest places to live in America by multiple publications.
Welcome to the November 2022 Raleigh Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the November 2022 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.
Raleigh rent prices decreased over the last month. From October to November, the city experienced a 0.0% decrease for the price of a one-bedroom apartment. The rent price for a Raleigh one-bedroom apartments currently stands at $1,015.0.
When we take a look at the two-bedroom comparison from October to November, Raleigh experienced a 3.1% increase for the price of a two-bedroom apartment. The rent price for a Raleigh two-bedroom apartments currently stands at $1,694.0.
Rent prices have decreased 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 5 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, Garner, NC, Wake Forest, NC .
Rent decreased in Clayton, NC.
6 suburbs are currently priced higher than the city of Raleigh.
Rent growth in Raleigh over the past year has been declining. 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 November 2022 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.
|1 BR November||1 BR M/M % Change||2 BR November||2 BR M/M % Change|
|Wake Forest, NC||$1,833.0||4.27%||$2,206.0||6.98%|
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.