Rental Homes in Durham, NC
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Cash House Closers took a close look at the rental market in Durham, 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 Durham.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Durham will run you $1,895 per month.
- 14% of all rentals in the area are single-family homes (vs. apartments, condos, etc.)
- 18% of rentals are 3-bedroom units.
The Median Rental Rate for Durham is $1,895
After researching the various rental listings and descriptions in Durham, NC, we discovered that the median rental rate in Durham is $1,895. This is 9.7% lower than the national average of $2,099.
We also noticed that when considering all rental data available in Durham, the typical range (25th – 75th percentiles) is roughly between $1,250 and $2,600 per month. There are only a handful of landlords charging more than ~$2,600 – these are luxury or high-end rentals.
When compared to other places in North Carolina, such as Raleigh, Charlotte, Winston-Salem, and Asheville, Durham’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?
Durham, NC, Offers 86% More Long-Term Rentals Than Short-Term Rentals
My team also noticed that Durham, NC lists 86% more long-term rental homes than short-term rentals.
This meets expectations as Durham is known to be more of an industrious location with schools, hospitals and other corporate jobs – unlikely an Airbnb destination for many. While most listings are for long-term rentals, it was surprising just how little of the rental market was for shorter-term options. If you’re looking to make a stop in Durham for a long weekend, then this might be a challenge you face!
For the most part, these rental listings in Durham were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Durham, 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 Durham who have apartment buildings and townhomes for lease. Some of the major landlords in Durham include S2 Residential, Harbor Group and Friedlam Partners.
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.
22% of rental units in Durham, NC are for single-family houses or townhomes
Under half of the rentals were for an entire single-family home or townhome. In Durham, you can also rent an apartments, condominiums, cooperative units or similar types of places.
About 23.2% of All Rentals in Durham 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 Durham, NC is currently $1,996. However, adding in another bedroom can significantly bump up the overall price tag.
Top 5 Rental Homes in Durham, NC
After reviewing a sample of homes available for lease in Durham, NC, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: What a great option and at a cheap rate ($1,000/month). The Hargrove is your one-bedroom abode if you’re looking for a rental in Durham.
- Two-Bedroom Rental Option: The Bailey Apartments in Durham are newly renovated and ready for tenants. They’re running a promotion right now on 2-bedroom units – 6 weeks for FREE!
- Three-Bedroom Rental Option: This quaint and charming townhouse at Woodlake Reserve is perfect for small families and couples. Three-bedroom floor plans go for $1,415 per month.
- Four-Bedroom Rental Option: Time for an entire house? This option on Woodland Park Rd. could be perfect for a 4-bedroom, 2.5 bathroom space. Currently going for $1,785 per month.
- Our Favorite Rental Option: The price has just been lowered on this stately and clean home. Available Jan. 1st 2025, you can move into luxury and live large with 5 bedrooms and 3 bathrooms.
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, Durham, 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 Durham.
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 Durham.
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 Durham, NC.
Get My Cash Offer Now
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.