Rents cooling? Interactive maps show where rents now stand for all Triangle ZIP codes
After prices shot up by as much as 50% in parts of the Triangle last year, rents appear to be going through a “gradual cool down,” experts say.
But they’re still much higher than a year ago.
Over the past month, the median rent for a one-bedroom apartment in Raleigh increased by 4% from $1,294 in December to $1,350, reported rental listing site Zumper. That’s still up 10% compared to the previous year.
The median rent for a two-bedroom apartment in Raleigh remained flat at $1,555, a 5% hike year over year.
In Durham, the median rent for a one-bedroom apartment jumped 8% over the past month to $1,414. That’s still up 13% compared to the previous year.
The median rent for a two-bedroom in Durham rose by 5% to $1,595 — a 10% hike over the year before, Zumper reported.
“Asking rent prices will likely continue flattening, but don’t expect them to come to a skidding halt,” Zumper CEO Anthemos Georgiades said in the site’s National Rent Report released this month. “In fact, 2023 may be the first time in three years where we settle back into a seasonal equilibrium, with rents falling slightly during winter months and increasing during the busy season of spring and summer.”
Rents remain high
For a closer look across the Triangle, the interactive maps below show how rent has changed in nearly every ZIP code in the Triangle from December 2021 to December 2022, according to data from RentHub.
Here are some takeaways:
▪ On these maps, ZIP codes 27609 and 27615 saw the largest percent increase in Raleigh in median rent — 13.4% higher. The median rent is $1,695 and $1,819, respectively.
▪ On these maps, ZIP code 27511 in Cary saw the largest overall percent increase in median rent — 49.6% higher. Median rent is $1,945.
▪ On these maps, ZIP code 27560 in Morrisville saw the largest overall percent decrease in median rent — 15.8% lower. Median rent is $1,890.
Rent trap: Triangle housing costs squeeze middle- to low-income workers to the brink
