Rent for two-bedroom apartment in Raleigh has risen almost 30% since January 2020
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Rent trap
Roughly one‐quarter of North Carolina renters are “rent burdened,” which means they pay more than 30% of their income in rent. That squeeze is crushing many renters’ home-ownership dreams. It’s also creating pressure on the rental market and inflating prices. While rents appear to be stabilizing, experts say, prices skyrocketed by as much as 50% in parts of the Triangle last year.
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Between January 2020, the start of the COVID-19 pandemic, and January 2023, the average rent for a two-bedroom apartment in Raleigh has risen from $1,195 to $1,545.
Rents began rising rapidly in the summer of 2021, when pandemic-related regulations designed to help renters began to expire.
The average rent has come down a bit since July 2022, when it peaked at over $1,600, but still represents an increase of almost 30%. That’s more than three times the rate of inflation.
This story was originally published January 18, 2023 at 6:00 AM with the headline "Rent for two-bedroom apartment in Raleigh has risen almost 30% since January 2020."
