Rental Homes in Asheville, NC
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Cash House Closers took a close look at the rental market in Asheville, NC, to better understand rentals in this area.
As part of doing business, we buy homes and turn them into rentals so this research was critical for us to better understand rentals as an exit strategy in Asheville.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Asheville will run you $1,850 per month.
- 25% of all rentals in the area are single-family homes (vs. apartments, condos, etc.)
- 23% of rentals are 3-bedroom units.
The Median Rental Rate for Asheville is $1,850
After researching the various rental listings and descriptions in Asheville, NC, we discovered that the median rental rate in Asheville is $1,850. This is 11.8% lower than the national average of $2,099.
We also noticed that when considering all rental data available in Asheville, the typical range (25th – 75th percentiles) is roughly between $1,500 and $2,500 per month. There are only a handful of landlords charging more than ~$2,500 – these are luxury or high-end rentals.
When compared to other places in North Carolina, such as Raleigh, Charlotte, Winston-Salem, and Durham, Asheville’s house rental rates are mostly comparable.
Other locations, such as Hickory, however, have cheaper housing options.
Related: Can you sell a house with tenants?
Asheville, NC, Offers 7X More Short-Term Rentals Than Long-Term Rentals
My team also noticed that Asheville, NC lists 7-times more short-term rental homes than long-term rentals.
This should not come to many as a surprise with Asheville’s central location to sightseeing, outdoor activities and natural landscapes. While most listings are for short-term rentals, it was surprising just how little of the rental market was for longer-term options. If you’re looking to make Asheville a permanent residence, then this might be a challenge you will face as a tenant!
For the most part, these rental listings in Asheville were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Asheville, numbers can change quickly.
As pointed out above, many of the rentals were for an entire single-family home. However, there are other larger companies in Asheville who have apartment buildings and townhomes for lease. Some of the major landlords in Asheville include Asheville Arms Apartments, The Apartment Brothers LLC and TruAmerica Multifamily LLC.
Important note: not every rental unit is equal. Some have dedicated parking spaces, indoor garages, storage units and swimming pools. These perks often garner a larger monthly rental price.
25% of rental units in Asheville, NC are for single-family houses or townhomes
Under half of the rentals were for an entire single-family home or townhome. In Asheville, you can also rent an apartments, condominiums, cooperative units or similar types of places.
About 27.8% of All Rentals in Asheville Are 3-Bedrooms or More
Most rentals with 3-bedrooms also have 1+ bathrooms.
Though there are some rentals that are categorized as studios or efficiencies, there is not a lot of those available.
And, as one might expect, the more bedrooms your rental house has…the bigger the price you will pay per month.
The market rate for 3-bedroom homes in Asheville, NC is currently $1,950. However, adding in another bedroom can significantly bump up the overall price tag.
Top 5 Rental Homes in Asheville, NC
After reviewing a sample of homes available for lease in Asheville, NC, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: If downtown Asheville is your vibe, then Woodberry Apartments has 1-bedroom options that put your smack dab in the middle of Asheville‘s culture and nightlife.
- Two-Bedroom Rental Option: With picturesque views right outside your window, the Retreat at Hunt Hill offers 2-bedroom options that will knock your socks off!
- Three-Bedroom Rental Option: Need something cheap and secluded? This 3-bedroom split level in the woods might be all your looking for! For $2,250/month you could move right in.
- Four-Bedroom Rental Option: Who has enough room for your 4-bedroom needs? This new build on Porter Hill Rd. does.
- Our Favorite Rental Option: Live in luxury at Verde Vista! You’ll pay a increased monthly rate but gain access to swimming pools, gyms and conference rooms.
There were hundreds of other available properties, but this should give you a good taste of how the pricing and rental terms can fluctuate on a case by case basis.
Conclusion
In general, Asheville, NC, presents an “okay” rental market for those looking move to or relocate within. It’s certainly not the most expensive city, but it’s also not the cheapest by any means.
Rental options are plentiful at the time of writing this case study if you’re a prospective tenant in Asheville.
If you already own a rental house and you’re interested in selling, my team and I can help you get it done quickly and seamlessly. Find out here how you can sell your house fast in Asheville.
One last tip: selling a house that is already occupied by tenants is usually more challenging. However, it doesn’t have to be if you have work with a cash home buyer in Asheville, NC.
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Other Resources & Articles From Doug
Author: Doug Greene
Doug brings over a decade of real estate and business experience to his content. Educating homeowners and helping sellers with their properties is his passion.
His contributions have been featured on Realtor.com, Washington Post, Apartment Therapy, HomeLight, Better Homes & Gardens and many more.