Rent prices are slowly falling across the US. What’s happening in the Triangle?
Rents are slowly coming down nationwide, and it’s having a ripple effect in the Triangle as well.
In July, the weighted median rent in the Triangle across all bedroom sizes was $1,900, according to the latest data from RentHub. That’s down by an average of 1.6% year-over-year.
Among the biggest drops: ZIP code 27608, which covers the Five Points and Oberlin communities north of downtown. Median rent there stood at $1,999, down 10.32% compared to this time last year.
ZIP code 27592 in Willow Springs clocked the second-largest dip, with a median rent of $1,675, down 8.22% year-over-year. Across the nation, rents have slowly been coming down after hitting a peak in July 2022. This month, national rent growth is negative for the first time since the early pandemic in mid-2020.
However, several submarkets in the Triangle are defying the downward trend.
A new interactive map, powered by data from RentHub, shows the median rent for most ZIP codes in the greater Triangle, and how greatly prices can vary depending on location.
With rising interest rates and low inventory, many would-be homebuyers are being sidelined. That’s creating pressure on the rental market and inflating prices in some parts of the region, say experts.
For example, the median rent for ZIP code 27605 was $2,150 as of July — a 12.8% jump compared to this time last year. This area includes Forest Park, formerly known as Cameron Park, a historic Raleigh neighborhood off Hillsborough Street.
ZIP code 27517, which includes Chapel Hill, recorded the second-highest jump with a median rent of $1,979 — up 10.99% year-over-year.
Another view
For comparison, the median rent in Raleigh stood at $1,511 in July, down 1.5% year-year-over year, according to Apartment List. The median rent in Durham stood at $1,432, down 3.3% year-over-year.
Morrisville is currently the most expensive, with a median rent of $1,878. Wake Forest is the metro’s most affordable city, with a median rent of $1,403.
This story was originally published August 15, 2023 at 12:47 PM with the headline "Rent prices are slowly falling across the US. What’s happening in the Triangle?."
