‘Two months free rent’: As Triangle rents soften, landlords offer move-in deals
Apartment hunters, good news: Rents continue to slide as new, amenity-rich buildings hit the market across the Triangle.
Even better: Landlords are increasingly offering sweeteners — like no deposits, waived fees and up to two months free rent — to close the deal.
In Raleigh, the median rent (mid-point where half cost less and half cost more) for a one-bedroom fell 0.8% to $1,240 in October, according to Zumper’s national rent report. Prices are down 7.3% year-over-year.
Rents for two-bedroom units also dropped to $1,530. That’s down 0.6% since last month and 3.8% year-over-year.
Out of 100 cities nationwide, Raleigh ranked as the 65th most expensive city to rent.
In Durham, the median rent for a one-bedroom fell 1.4% to $1,380 last month, Zumper found. Prices are down 3.5% year-over-year.
Rents for two-bedroom units slipped 1.2% to $1,640 and are also down 3.5% year-over-year.
That ranked Durham as the 44th most expensive city, higher than Raleigh.
Easing prices are largely due to a post-pandemic construction boom, both in the Triangle and nationally. As new supply hits the market “at historic highs,” rent growth has stabilized, Zumper CEO Anthemos Georgiades said in the report.
Nationwide, the median one-bedroom rent inched up 0.1% to $1,534, while two-bedrooms decreased 0.1% to $1,910.
Move-in deals
In Raleigh-Cary, some 9,228 new rental apartments are set to be complete by the end of the year, outpacing major metros like Boston or Los Angeles, a separate report from RentCafe found.
The influx has triggered move-in deals across the region. (Note: Lease terms and other restrictions may apply.)
Among them:
- Up to six weeks free at Park and Market in North Hills if you sign up by Nov. 18.
- Up to six weeks free at The Signal in Seabord Station in Raleigh.
- Up to two months free at Platform in Raleigh.
- Special pricing and eight weeks free at NOVEL Morrisville in Morrisville.
- One-month free rent at Canal Street Apartments in Durham.
- Up to two months free at Rigsbee in Durham if you move in by Nov. 30.
The trend signals “a competitive market environment,” said Jon McBride, a Realtor with Coldwell Banker Howard Perry and Walston in Raleigh and a board member of Raleigh Regional Association of Realtors. It also reflects the “urgency among property managers” to fill vacancies promptly as the market becomes increasingly saturated, he said.
“It’s a fascinating period of adjustment that underscores the vibrancy and resilience of our local real estate sector,” McBride said.
However, don’t expect rents to go into free fall anytime soon, said Derrick Thornton, a Realtor with Coldwell Banker Advantage in Northeast Raleigh.
“My prediction is that actual rental rates will still continue to remain at their current level with more normalized annual increases, around 4 to 5% in the years to come,” he said.
This story was originally published November 12, 2024 at 5:40 AM with the headline "‘Two months free rent’: As Triangle rents soften, landlords offer move-in deals."
