Rental Homes in Raleigh, NC
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Cash House Closers took a close look at the rental market in Raleigh, 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 Raleigh.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Raleigh will run you $1,850 per month.
- 19% of all rentals in the area are actual single-family homes (vs. apartments, condos, etc.)
- 18% of rentals are 3-bedroom units.
The Median Rental Rate for Raleigh is $1,850
After researching the various rental listings and descriptions in Raleigh, NC, we discovered that the median rental rate in Raleigh 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 Raleigh, the typical range (25th – 75th percentiles) is roughly between $1,000 and $2,000 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 Charlotte, Asheville, Winston-Salem, and Durham, Raleigh’s house rental rates are almost comparable.
Other locations, such as Hickory, however, have cheaper housing options.
Related: Can you sell a house with tenants?
Raleigh, NC, Offers 246% More Long-Term Rentals Than Short-Term Rentals
My team also noticed that Raleigh, NC lists 246% more long-term rental homes for lease than short-term rental houses. While most listings are for long-term rentals, a small selection (22%) represents mid-term or short-term rental listings.
For the most part, these rental listings in Raleigh were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Raleigh, 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 Raleigh who have apartment buildings and townhomes for lease. Some of the major landlords in Raleigh include Horizon Realty Advisors, Walnut Terrace, Cushman & Wakefield and AMC.
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.
19% of rental units in Raleigh, NC are for single-family houses or townhomes
Over half of the rentals were for an entire single-family home or townhome. In Raleigh, you can also rent an apartments, condominiums, cooperative units or similar types of places.
About 22.7% of All Rentals in Raleigh 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 Raleigh, NC is currently $1,950.
Top 5 Rental Homes in Raleigh, NC
After reviewing a sample of homes available for lease in Raleigh, NC, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: Walnut Terrace offers a fantastic 1-bedroom rental option. Pets are okay and the property is well-maintained.
- Two-Bedroom Rental Option: This 2-bedroom, courtesy of The Grove, is a steal at $1,137. Stainless steel appliance and modern LVP flooring!
- Three-Bedroom Rental Option: Check out this house on Olde Birch Dr. – $1,550/month. 2 bathrooms and a nice size yard.
- Four-Bedroom Rental Option: Blue Gulf Trail could be your new 4-bedroom rental for $2,500/month. Built in 2024 with a 2-car garage.
- Our Favorite Rental Option: If money wasn’t a factor, I’d move right into this quaint place on Coleman St. Over 2,700 square-feet of property with a short walk from many of Raleigh‘s main attractions.
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, Raleigh, 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 Raleigh.
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 Raleigh.
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 Raleigh, 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.