Apartments in Park at Perry Creek Raleigh

Raleigh:
July Rent Report

Welcome to the July 2024 Raleigh Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the July 2024 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.

July 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 3 of the Raleigh suburbs increased last month. On the other hand, 4 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rent increased in Apex, NC, Wake Forest, NC, Knightdale, NC .

• Rent decreased in Cary, NC, Morrisville, NC, Clayton, NC, Garner, NC.

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

Data set for Raleigh and suburbs

Methodology

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.