2025 starting off as a ‘renter’s market.’ What Triangle apartment hunters should know
The price of eggs may be soaring, but renters are paying less for housing this year as new, amenity-rich buildings hit the Triangle market, driving down prices.
In Raleigh, the median rent (mid-point where half cost less and half cost more) for a one-bedroom increased 0.8% from December, to $1,260 in January, according to Zumper’s national rent report. But that was still down 3.1% year over year.
Rent for two-bedroom units dropped to $1,520. That was down 0.7% since December and 3.2% year over year.
Out of 100 cities nationwide, Raleigh ranked as the 59th most expensive city in which to rent.
In Durham, the median rent for a one-bedroom fell 1.5% to $1,290 last month, Zumper found. Prices were down 12.8% year over year. Rents for two-bedroom units fell 3.8% to $1,530 and were also down 12.1% year over year. That ranked Durham as the 55th most expensive city, higher than Raleigh.
Analysts say a post-pandemic construction boom, in both the Triangle and nation, has triggered a “renter’s market,” with many landlords offering move-in deals.
Among them:
- Up to six weeks free at The Signal in Seaboard Station in Raleigh.
- Up to two months free at Platform in Raleigh.
- Up to one month free at 400H in Raleigh.
- Up to two months free at NOVEL Cary in Cary.
- Special pricing and eight weeks free at NOVEL Morrisville
- One-month free rent at Canal Street Apartments in Durham.
Nationwide, the median one-bedroom rent dropped 0.3% to $1,534, while two-bedrooms inched ever-so-slightly up, by 0.1% to $1,907, Zumper found.
“As we emerge from the slowest renting months, the stability in our national rent prices comes as no surprise,” said Zumper CEO Anthemos Georgiades. “January is when more renters begin planning for their next moves.”
In the months ahead, he expects an uptick in demand, putting “more upward pressure on rent rates.”
The affordability gap between renting and buying
Renting is still considerably less expensive than owning a home.
And the affordability gap is likely to widen further in 2025, analysts found in a separate Redfin study.
Amid high home prices and mortgage rates, potential homebuyers — especially from younger generations — may decide to continue renting for longer, “as it’s the only affordable option,” said Redfin senior economist Sheharyar Bokhari.
The typical renter earns enough to afford the median rent in 15 of the 44 major metros Redfin analyzed. Raleigh ranked No. 4 as most affordable.
Renters in the metro earn an estimated median salary of $61,463. That’s 8.36% (or $2,231) more than they need to afford the median rent ($1,418), Redfin found.
Raleigh has maintained an affordability level that’s “better than the rest of the country,” said Redfin economist Daryl Fairweather. “That’s why it’s still so attractive to newcomers.”
Texas metros Austin, Houston and Dallas are the most affordable for renters, the report found, while Providence, Miami and New York are the least affordable.
Looking ahead, Fairweather predicts it will remain a renter’s market until 2026. After that, rents are expected to inch higher as the construction pipeline empties.
“If fewer buildings are being built, that ultimately means less supply, which leads to higher prices,” she said.
This story was originally published February 13, 2025 at 8:00 AM with the headline "2025 starting off as a ‘renter’s market.’ What Triangle apartment hunters should know."
