From boom to bargain: Triangle renters gain leverage as market cools
AI-generated summary reviewed by our newsroom.
- New apartment supply across Triangle unlocks discounts like waived fees and free rent.
- Raleigh-Durham construction slows amid tariffs, labor shortages and rising costs.
- Rent growth weakens as demand drops and consumer confidence remains uncertain.
Rent growth continues to remain lackluster as a wave of new apartments hit the market across the Triangle.
The good news is for renters: Landlords are increasingly offering sweeteners to apartment hunters — like no deposits, waived fees and up to two months free rent.
In Raleigh, the median rent (mid-point where half are higher and half lower) for a one-bedroom increased .8% to $1,300 in August, according to Zumper’s national rent report. Prices are up 3.2% year over year.
Rents for two-bedroom units edged up slightly to $1,560. That’s up .6% since the month before and unchanged year over year.
Out of 100 cities nationwide, Raleigh was the 49th most expensive city in which to rent.
In Durham, the median rent for a one-bedroom increased 1.4% to $1,480 last month, Zumper found. Prices are up 3.7% year over year.
Rents for two-bedroom units slipped 3% to $1,600 and are also down 5.3% year over year. That still ranked Durham as the 37th most expensive city, higher than Raleigh.
Both in the Triangle and nationally, a post-pandemic construction boom not seen since the 1970s has triggered a “renter’s market,” say analysts.
“Combined with the filtering-down effect of new units softening prices in older stock, [it] seems to be pressuring property owners to compete more aggressively on price,” said Anthemos Georgiades, CEO of Zumper.
Nationwide, the median one-bedroom rent decreased .2% in August to $1,517, while two bedrooms dropped .4% to $1,897, Zumper reported. On an annual basis, one and two-bedroom rents are down 1.1% and 0.9%, respectively.
This marks the first time that the national rent index is negative across the board, and the fourth consecutive month where year-over-year growth has slowed, with rents for both bedroom types now seeing accelerated declines.
Amid rising construction costs, labor shortages, and economic uncertainty, the market has hit “a key turning point,” Georgiades said, shifting from “stronger-than-expected” demand to an “unexpected slowdown.”
“Compounding the slowdown is weaker consumer confidence,” he said. “Renters [are] hesitant to commit.”
Move-in deals
The Raleigh-Cary metro area ranks among the nation’s biggest builders — with 5,884 new rental apartments expected by the year’s end, according to a new report from the listing service RentCafe.
Durham is expected to add 2,960 new apartments.
The influx has triggered move-in deals across the region. (Note: Lease terms and other restrictions may apply.)
Among them:
- One month free at Park and Market in North Hills if you move in by Oct. 1.
- Up to two months free at The Signal in Seaboard Station in Raleigh.
- Up to two months free at Meridian East Chatham.
- Up to two months free at Platform in Raleigh.
- Special pricing and two months free at NOVEL Morrisville in Morrisville.
- Up to 10 weeks free at Rigsbee in Durham if you move in by Nov. 30.
The deals won’t last forever.
While Raleigh-Cary still ranks among the nation’s biggest builders, it’s also seeing some of the steepest declines.
The area’s pipeline is down 44% compared to 2024, when it delivered more than 10,500 apartments, RentCafe found.
Durham’s pipeline is expecting a 24% drop from 2024’s record of nearly 4,000 units.
Under the Trump administration’s new round of tariffs, prices for key materials in new construction — lumber, drywall, steel and aluminum — have surged, according to analysis by the Associated General Contractors of America (AGCA).
An “apartment crunch” — characterized by slowing multifamily construction and rising rents — could be around the corner, warned Ryan Fitzgerald, owner of Raleigh Realty.
This squeeze is likely to exacerbate affordability issues, particularly in urban centers like Raleigh, where demand for housing remains high.
“For many households, finding an affordable rental remains a real challenge,” he said.
This story was originally published September 22, 2025 at 6:45 AM with the headline "From boom to bargain: Triangle renters gain leverage as market cools."
