Rental Homes in Winston-Salem, NC
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Cash House Closers took a close look at the rental market in Winston-Salem, NC, to better understand rentals in this area.
As part of doing business, we buy houses and turn them into rentals so this research was critical for us to better understand rentals as an exit strategy in Winston-Salem.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Winston-Salem will run you $1,495 per month.
- 58% of all rentals in the area are single-family homes (vs. apartments, condos, etc.)
- 34% of rentals are 3-bedroom units.
The Median Rental Rate for Winston-Salem is $1,495
After researching the various rental listings and descriptions in Winston-Salem, NC, we discovered that the median rental rate in Winston-Salem is $1,495. This is 28.7% lower than the national average of $2,099.
We also noticed that when considering all rental data available in Winston-Salem, the typical range (25th – 75th percentiles) is roughly between $1,000 and $2,250 per month. There are only a handful of landlords charging more than ~$2,250 – these are luxury or high-end rentals.
When compared to other places in North Carolina, such as Raleigh, Charlotte, Durham, and Asheville, Winston-Salem’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?
Winston-Salem, NC, Offers 21% Less Long-Term Rentals Than Short-Term Rentals
My team also noticed that Winston-Salem, NC lists 21% less long-term rental homes than short-term rentals.
This feels right as Winston-Salem is known to be more of an destination for travelers and tourists than it is a home – it’s likely that this area is an Airbnb destination for many. 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 Winston-Salem a permanent residence, then this might be a challenge you face!
Quick Tip: Are you having trouble finding a long-term rental in Winston-Salem? Try calling a few short-term rental landlord and ask them if they would do a longer-term lease. After all, it is a rental property.
For the most part, these rental listings in Winston-Salem were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Winston-Salem, 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 Winston-Salem who have apartment buildings and townhomes for lease. Some of the major landlords in Winston-Salem include Hawthorne Residential, RPM Living and Cambridge Park Apartments.
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.
72% of rental units in Winston-Salem, NC are for single-family houses or townhomes
Well over half of the rentals were for an entire single-family home or townhome. In Winston-Salem, you can also rent an apartments, condominiums, cooperative units or similar types of places.
About 48.6% of All Rentals in Winston-Salem 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 Winston-Salem, NC is currently $1,705. However, adding in another bedroom can significantly bump up the overall price tag.
Top 5 Rental Homes in Winston-Salem, NC
After reviewing a sample of homes available for lease in Winston-Salem, NC, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: The lofts at Woodsmill offer a one-bedroom option that is clean and functional. Step in for under $1,000 per month!
- Two-Bedroom Rental Option: You can get one month FREE when you sign up for a new lease on this 2-bedroom place at Stratford at Hillcrest.
- Three-Bedroom Rental Option: How does a swimming pool and isolated location feel? For $1,227 you can get this 3-bedroom unit at the Enclave and make it your new home!
- Four-Bedroom Rental Option: Space, space, space. This four bedroom house will let you breath again! 3443 Scarsborough Dr. is a great option for small to medium sized families.
- Our Favorite Rental Option: The Legacy at Ardmore is going to impress you. Filled with luxurious finishes and amenities, you won’t want to leave!
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, Winston-Salem, 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 Winston-Salem.
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 Winston-Salem.
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 Winston-Salem, 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.