Rents in Raleigh are up 2.7 percent over the past 12 months, but the rate of growth remains below the state average and the city is still among the most affordable metro areas in the country, according to recent reports from Apartment List.
The rental website crunched the numbers and found that across North Carolina, rents are up 3.3 percent for the last 12 months. Cary is the most expensive place out of the state’s 10 largest cities, with a $1,210 median rent for a two-bedroom apartment in November.
Rents in Raleigh are the second priciest in the state. The median cost of a two-bedroom was $1,120. But that doesn’t necessarily mean the city is pacing to be any more unaffordable than other metros across the country.
Rents are increasing nationwide, at the same time that the overall number of renters is nearing 44 million households, or about 37 percent of families. But Raleigh rates fairly well in terms of the number of renters who are severely burdened when they write a check to their landlord.
An Apartment List report released in November found that 42 percent of city renters qualified as “cost burdened,” which counts anyone who pays more than one-third of their income in rent. Many other comparable metro areas had higher rates, including:
- Nashville, Tennessee: 45 percent;
- Portland, Oregon: 50 percent;
- Austin, Texas: 47 percent; and
- Richmond, Virginia: 51 percent.
Researchers at Apartment List attributed Raleigh’s relative affordability to moderate rental rates and strong wage growth.