This Raleigh suburb has the fastest-rising rent for apartments in NC, report says
Rent prices in a Raleigh suburb are increasing the fastest compared to the rest of North Carolina, a new report says.
RENTCafe released its National Rent Report last week, which analyzed apartment rent prices across the country in January, breaking it down by state and local municipalities.
The report found that North Carolina has lower rent costs than the national average of $1,463, which is a 3 percent increase from this time last year.
But almost every city researchers analyzed in North Carolina saw an increase in rent prices.
Knightdale saw the highest increase over the year, with rent prices going up by $104, the report found. Prices in the Raleigh suburb are the fastest growing, the report says, and increased $8 month-over-month. The average rent in Knightdale was $1,207.
Researchers conducted the report through telephone surveys of “competitively-rented” apartment complexes with at least 50 units, the report says. The data was then compiled by Yardi Matrix.
Overall, rents were highest in cities in the Triangle, the report found.
Chapel Hill had the highest prices, with an average of $1,408, the report found. Morrisville came in second place with an average of $1,252 and Cary came in third with an average of $1,247.
On the other hand, the cheapest rent in the state was found in Asheboro, with an average of $726.
Charlotte, the largest city in the state, also had some of the most expensive rent costs, with an average price of $1,244, the report says. The average rent in Raleigh was a little cheaper, at $1,223.
Charlotte’s prices landed it at No. 19 in terms of the most expensive rents in large cities, the report says. Raleigh came in at No. 14 among mid-sized cities.
Rents in both cities are higher compared to last year. Prices in Charlotte increased by $57 compared to this time last year and prices in Raleigh increased by $55, the report found.
This story was originally published February 19, 2020 at 4:03 PM with the headline "This Raleigh suburb has the fastest-rising rent for apartments in NC, report says."
