Raleigh North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Raleigh, NC (the Raleigh-Cary metro area) was $1,146 in 2019 according to the Census ACS survey.1 Average gross rent in Raleigh was $1,144 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Raleigh median and average rent data will be released in September of 2021.
Data is also available below for Raleigh rental vacancy rates, Raleigh rent as a percent of median income and the fraction of renters in Raleigh.
Real Gross Rent in Raleigh North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
| Raleigh, NC Median Gross Rent | $1,146 | -0.17% | +6.70% |
Raleigh, NC Real Gross Rent Trends
Median gross rent for Raleigh peaked in real terms in 2018 at $1,148 and is now $2 (0.17%) lower. Average gross rent for Raleigh peaked in real terms in 2018 at $1,167 and is now $23 (1.97%) lower.
Real Gross Rent in Raleigh: Raleigh NC Median, Raleigh NC Average, North Carolina Median, US Median
Real Gross Rent History for Raleigh
| Date | US Median |
North Carolina Median |
Raleigh, NC Median |
Raleigh, NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $1,146 | $1,144 |
| 2018 | $1,077 | $916 | $1,148 | $1,167 |
| 2017 | $1,043 | $888 | $1,106 | $1,136 |
| 2016 | $1,027 | $879 | $1,074 | $1,096 |
| 2015 | $1,017 | $877 | $1,030 | $1,069 |
| 2014 | $986 | $848 | $990 | $1,008 |
| 2013 | $953 | $819 | $956 | $1,001 |
| 2012 | $940 | $804 | $933 | $967 |
| 2011 | $941 | $805 | $894 | $912 |
| 2010 | $955 | $817 | $951 | $971 |
| 2009 | $960 | $821 | $960 | $968 |
| 2007 | $927 | $797 | $930 | $939 |
| 2005 | $910 | $794 | $914 | $896 |
Raleigh Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Raleigh North Carolina was 5.86% according to Census ACS data.
Rental Vacancy Rate in Raleigh North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Raleigh, NC | 5.86% | -0.05% | -0.13% |
Trends in Raleigh, NC Rental Vacancy Rate
The rental vacancy rate in Raleigh peaked in 2009 at 11.44%. Since then it has fallen by 5.58% to 5.86%. Data records for this series originated in 2005. From a 2013 post peak low of 4.49%, the rental vacancy rate has increased by 1.37%.
Rental Vacancy Rate: Raleigh NC, North Carolina, US
Historical Rental Vacancy Rate data for Raleigh
| Date | US | North Carolina | Raleigh, NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 5.86% |
| 2018 | 6.15% | 7.03% | 5.91% |
| 2017 | 6.18% | 6.77% | 5.03% |
| 2016 | 5.89% | 6.99% | 5.99% |
| 2015 | 5.85% | 7.02% | 5.05% |
| 2014 | 6.32% | 7.29% | 6.17% |
| 2013 | 6.49% | 7.46% | 4.49% |
| 2012 | 6.77% | 8.00% | 5.78% |
| 2011 | 7.40% | 9.31% | 9.73% |
| 2010 | 8.17% | 9.97% | 9.73% |
| 2009 | 8.43% | 10.10% | 11.44% |
| 2007 | 7.87% | 9.26% | 6.48% |
| 2005 | 7.74% | 9.99% | 9.61% |
Rent as a Fraction of Income
Using median household income data for Raleigh, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Raleigh, median monthly gross rent as a fraction of median household income was 17.17% in 2019 according to the ACS.
Raleigh North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
| Raleigh, NC | 17.17% | -0.84% | -0.01% |
Trends in Raleigh, NC Rent as a Fraction of Income
The fraction of median Raleigh household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.06%. Since then it has fallen by 0.89% to 17.17%.
Fraction of Income towards Rent: Raleigh NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Raleigh North Carolina
| Date | US | North Carolina | Raleigh, NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 17.17% |
| 2018 | 20.50% | 20.05% | 18.01% |
| 2017 | 20.13% | 19.59% | 17.74% |
| 2016 | 20.43% | 19.90% | 17.18% |
| 2015 | 20.63% | 20.75% | 17.71% |
| 2014 | 20.89% | 20.70% | 18.06% |
| 2013 | 20.78% | 20.34% | 17.66% |
| 2012 | 20.65% | 20.09% | 17.45% |
| 2011 | 20.70% | 20.36% | 16.78% |
| 2010 | 20.50% | 20.25% | 17.66% |
| 2009 | 20.12% | 19.78% | 17.03% |
| 2007 | 18.66% | 18.21% | 16.35% |
| 2005 | 18.89% | 18.71% | 16.48% |
Renter Fraction in Raleigh North Carolina
You can calculate the renter fraction in Raleigh in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Raleigh as a fraction of total Raleigh households. In 2019 34.42% of households were renters according to Census ACS data.
Raleigh Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
| Raleigh, NC | 34.42% | -0.51% | -1.21% |
Trends in the Raleigh, NC Renter Fraction
The Raleigh household renter fraction peaked in in 2016 at 35.63% and is now 1.21% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Raleigh NC, North Carolina, US
History of Raleigh Renter Fraction
| Date | US | North Carolina | Raleigh, NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 34.42% |
| 2018 | 36.05% | 34.86% | 34.93% |
| 2017 | 36.13% | 34.60% | 33.00% |
| 2016 | 36.88% | 35.78% | 35.63% |
| 2015 | 36.97% | 36.13% | 35.42% |
| 2014 | 36.90% | 35.75% | 35.57% |
| 2013 | 36.50% | 35.74% | 35.12% |
| 2012 | 36.09% | 34.56% | 35.10% |
| 2011 | 35.42% | 33.49% | 32.06% |
| 2010 | 34.65% | 32.83% | 31.95% |
| 2009 | 34.13% | 32.81% | 31.48% |
| 2007 | 32.80% | 31.70% | 31.29% |
| 2005 | 33.10% | 31.81% | 32.70% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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