Culture
Rent prices in North Carolina increase by nearly 20% in past year
Rent in North Carolina has grown by 19.8% over the past year, according to a new Apartment List report. The online apartment marketplace analyzed rent in 100 of the largest cities in the U.S. for its February 2022 Apartment List National Rent Report.
February 4, 2022 3:41pm
Updated: February 5, 2022 1:09pm
Rent in North Carolina has grown by 19.8% over the past year, according to a new Apartment List report.
The online apartment marketplace analyzed rent in 100 of the largest cities in the U.S. for its February 2022 Apartment List National Rent Report. Analysts found rent prices in North Carolina have increased above the national rate.
National year-over-year rent growth was a record 17.8%, Apartment List said. Rent decreased nationally by 1.4% from January 2020 to January 2021. Analysts have witnessed a rent “cool-down” over the past several months, with rent increasing by 0.9% over the last four months.
Forty-one of the cities in Apartment List’s report experienced rent decrease in January. Five cities had prices increase by more than 1%. During the early months of the pandemic, analysts said some cities experienced month-over-month increases of 5%.
Apartment List looked at rent prices in the 10 largest cities in North Carolina. All of them had a rise in rent over the past year.
Analysts looked at rent prices in Asheville, Raleigh, Fayetteville, Charlotte, Cary, Greensboro, Wilmington, Winston-Salem, Greenville and Durham.
Asheville had the highest rent, a median of $1,771 for a two-bedroom apartment. It also experienced the fastest year-over-year growth in North Carolina at 25.2%.
Cary, Greensboro and Durham have experienced year-over-year growth significantly above the state average. From January 2021 to January 2022, rent prices in Cary increased by 23.8%. Rent in Greensboro rose by 23.2%, and it grew by 20.9% in Durham. Greenville experienced the lowest year-over-year rent increase of 15.7%.
Rent in Charlotte increased by 19.6% over the year, dropping by 0.2% from December to January. The current median rent in Charlotte is $1,272 for a one-bedroom apartment and $1,421 for a two-bedroom.
Raleigh residents saw rent grow by 20.6% over the past year. The current median rate in Raleigh is $1,325 for a one-bedroom apartment and $1,516 for a two-bedroom.
