- Charlotte’s urban core is home to the top 3 most expensive zip codes for renters in North Carolina
- 15 of the state’s top 50 zip codes with the most expensive apartments are in Charlotte, 9 in Raleigh
- Chapel Hill’s 27516 breaks the top 5 priciest zip codes for renters in the state
When it comes to apartment living, North Carolina really is a better place to be for those who rent. In spite of housing prices steadily climbing in recent years, NC remains a rather affordable housing market when compared to the rest of the country. The monthly average rent in North Carolina is $1,015, according to Yardi Matrix, well below the national average which is just over $1,300/month.
Look up your city or zip code in this interactive top 50 table:
Top Most Expensive Zip Codes in North Carolina in 2017
|#||Zip Code||City||County||Average Rent|
|4||27516||Chapel Hill||Orange County||$1,411|
|12||27514||Chapel Hill||Orange County||$1,244|
|17||27517||Chapel Hill||Chatham County||$1,163|
|25||27540||Holly Springs||Wake County||$1,122|
|26||27560 (Tie)||Morrisville||Wake County||$1,115|
|27||28226 (Tie)||Charlotte||Mecklenburg County||$1,115|
|42||27587||Wake Forest||Wake County||$1,058|
|43||28213 (Tie)||Charlotte||Mecklenburg County||$1,056|
|44||28210 (Tie)||Charlotte||Mecklenburg County||$1,056|
The top 3 priciest zips in the state are in central Charlotte
It probably doesn’t come as a shocker that the most expensive apartments for rent are concentrated in Charlotte Center City. The number 1 zip code 28202 (inside the I-277 Loop) boasts an average rent of $1,608/month, which is actually 2% less than what it was a year prior. Apartments have taken over 28202 in the past few years, with as many as 5,300 market rate rentals located in this zip code as of Spring 2017, according to Yardi Matrix data. The area is buzzing with apartment construction, with over 600 brand new apartments having been opened inside the Loop over the last year.
Number 2 in the state is 28203 (Wilmore, Brookhill, Dilworth), also brimming with rental buildings, with about 5,200 apartments to choose from as of Spring 2017 and average rents sitting at $1,458/month.
At number 3, adjacent 28204 (Elizabeth, Cherry, Dilworth) has an average monthly rent of $1,420, having decreased by 6% since last year. Even though it doesn’t have such a large selection of rental apartments as the top 2 zip codes, the area is home to some impressive upscale apartment communities, such as Birkshire Dilworth, where rents can cost up to $6,450/month for a sprawling 2,600 square foot floor plan.
Not far behind, in fourth place, with rents averaging $1,411/month, is Chapel Hill‘s 27516, one of the wealthiest zip codes in the triangle area. Raleigh’s 27605 is 5th, with average rents of $1,380. In total, 4 zip codes in the capital city are among the top 10 most expensive in the state. Also in the top 10 is Greensboro‘s 27403 with an average rent of $1,345.
Mecklenburg and Wake counties have the most expensive rents in NC
Overall, rental apartments in Mecklenburg County are the most expensive, with 20 zip codes in the top 50, along with apartments in Wake County, with 19 of the top most expensive zip codes. The highest price increases, however, are not necessarily happening in the priciest zip codes. Wake County has seen some sharp increases in prices in the last year. Zip code 27523 in Apex is in the 20th place with an average rent of $1,144 but has had the highest rent increase since the same time last year, 15%.
Nationally, North Carolina is a moderately-priced rental market
Only 7 North Carolina zip codes have rents higher than the national average. And when compared to the country’s most expensive states, even the most expensive rent in NC is just a fraction of that in New York, California or Massachusets. Moreover, apartments in North Carolina are more affordable than those in most of its neighboring states. For more state by state comparisons, check out the interactive map below. Hover over the price bar to see what states are in the same price range:
- Data compilation, analysis, and mapping done by RENTCafe using rent and construction data provided by Yardi Matrix, a RENTCafe sister company. Yardi Matrix is 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.
- The average rent used in this article was calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
- Zip codes with less than 200 rental units and less than 3 properties were excluded.
- Rent prices are for apartments only, no single-family homes or townhomes were included.
- In zip codes covering more than one city, only the primary city designated by the USPS was named.
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