The Rising Rental Rates of Raleigh

Rising Rental Rates

                               Giovanni Banfi

It’s a great time to make the transition from renter to homeowner in Wake County! Home sales and prices have been rising throughout the year in the Triangle market – and so have rental rates:

Local Rental Rates

The Raleigh-Cary region of N.C. was recently ranked among the highest average rental rates for an apartment in the nation. The average rent among apartment communities that have been open for more than a year is $920 per month, compared to $899 last year.

Occupancy rates have also increased this year to 95.2 percent, according to the research firm Axiometrics, which considers a market to be full at 95 percent occupancy. “Raleigh’s apartment market is beginning to emerge again, now that demand has caught up to, and is starting to exceed, supply,” said Jay Denton, senior vice president of research and analytics at Axiometrics. “It is a very promising market.”

Apartment Redevelopments

Developers are noticing the growing demand for apartments, too. Brookview Apartments, a cluster of small homes at the northern edge of downtown Raleigh, is preparing for demolition as a final deal on the 7.5-acre community owned by Kip-Dell Homes finalizes. Developers are eager to build, but many residents are worried that they will be priced out of their homes. The advertised monthly rents are currently as low as $480 in Brookview.

Residents of Brookview were mailed letters asking them to “vacate at their earliest convenience, but preferably no later than December 18,” though existing leases will be honored. A similar situation is underway for the Palms Apartments inside the Beltline, where residents were asked to leave by November 30 (within 90 days) because the owner wants to redevelop into upscale apartments.

Explore the Area

Interested in making the switch? Preview homes, get more information, or schedule a tour on our Downtown Raleigh directory.

For more information on Raleigh real estate and events, keep up with Jason & Scott Graves on Facebook and Twitter or call us with any questions at 919-981-5795.