North Carolina Rent Report – January 2020

• The average monthly rent in Charlotte and Raleigh was $1,244 and $1,223, respectively, in January, $57 and $55 more than one year prior.
• Chapel Hill apartments are the most expensive in the state, renting for $1,408, while apartments in Asheboro have the cheapest rents, $726 per month. 
• The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest cities in North Carolina

Apartments in Charlotte and Raleigh rented for $1,244 and $1,223 on average, respectively, in January. Rents in the largest North Carolina city saw a year-over-year increase of 4.8%, or $57, compared to this time last year and a month-over-month increase of 0.2% ($3) compared to December. Raleigh saw an annual increase of 4.7%, $55, compared to last January and a decrease of 0.2% ($3) compared to last month.

Renting in North Carolina in January 2020

The average rent in North Carolina cities is lower than the national average rent. The fastest growing rents in January were in Knightdale, where rental apartment prices increased by 0.7% month over month, or $8. Gastonia apartments saw the second highest monthly increase, jumping by 0.6% ($5), while in Clayton prices decreased by 1.9% ($22) compared to December.

Chapel Hill apartments are the state’s most expensive for renters, with an average rent of $1,408, followed by apartments in Morrisville, where the average monthly rent is $1,252. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Asheboro, with an average apartment rent of $726.

The January national average rent went up by 3% year-over-year

The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.

To compare the rental market in North Carolina with other cities in the U.S., you can also check our national January rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.