Raleigh Rent Report: June 2024

Welcome to the Apartment List June 2024 Rent Report for Raleigh, NC. Currently, the overall median rent in the city stands at $1,432, roughly the same as last month. Prices remain down 4.7% year-over-year. Read on to learn more about what’s been happening in the Raleigh rental market and how it compares to trends throughout the broader Raleigh metro area and the nation as a whole.

Raleigh rents are flat month-over-month and down 4.7% year-over-year

The median rent in Raleigh rose by 0.4% over the course of May, and has now decreased by a total of 4.7% over the past 12 months. Raleigh’s rent growth over the past year has has fallen behind both the state (-3.0%) and national averages (-0.8%).

Raleigh rent growth in 2024 pacing below last year

Five months into the year, rents in Raleigh have risen 0.7%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 1.5%.

May rent growth in Raleigh ranked #58 among large U.S. cities

Raleigh rents went up 0.4% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #58. Similar monthly rent growth took place in Madison, WI (0.4%) and Enterprise, NV (0.3%).

Raleigh is the #50 most expensive large city in the U.S., with a median rent of $1,432

Citywide, the median rent currently stands at $1,262 for a 1-bedroom apartment and $1,438 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,432. That ranks #50 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom, and $1,404 overall. The median rent in Raleigh is 2.0% higher than the national, and is similar to the prices you would find in Nashville, TN ($1,433) and Norfolk, VA ($1,431).

Raleigh rents are 1.1% lower than the metro-wide median

If we expand our view to the wider Raleigh metro area, the median rent is $1,448 meaning that the median price in Raleigh proper ($1,432) is 1.1% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -4.5%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Raleigh metro area that are included in our database. Among them, Apex is currently the most expensive, with a median rent of $1,902. Raleigh is the metro’s most affordable city, with a median rent of $1,432. The metro's fastest annual rent growth is occurring in Apex (3.5%) while the slowest is in Morrisville (-5.8%).

You can also use the map below to explore the latest rent trends in the Raleigh metropolitan area.