Source: Consensus Media / Submitted Photo
Could rent prices finally be decreasing in the Triangle?
According to a recent report, rents in certain parts of the Triangle have started to decline after seeing a significant increase of up to 50% between 2020 and 2022. In Raleigh, the median rent for a one-bedroom apartment dropped by 1.6% to $1,270 in April. This is a 10.6% decrease compared to the previous year. Meanwhile, the median rent for a two-bedroom apartment remained unchanged at $1,560 in April. This was still a 2.5% decrease year-over-year.
Raleigh now ranks as the 59th most expensive city for renters out of 100 cities nationwide, dropping five spots according to Zumper’s April rent report. In Durham, the median rent for a one-bedroom apartment decreased by 1.4% to $1,463 in April, showing a 4.7% decline compared to the previous year. Conversely, two-bedroom units in Durham experienced a 6% increase, rising by 0.6% year-over-year. This places Durham as the 41st most expensive city for renters, higher than Raleigh.
Nationally, rents have remained relatively stable, with one-bedroom apartments decreasing by 0.6% to $1,486, while two-bedroom apartments saw a slight increase of 0.1% to $1,843.
Rent Prices Starting to Decrease in the Triangle was originally published on hiphopnc.com
