Apartment hunters, good news: Rents continue to slide as new, amenity-rich buildings hit the market across the Triangle.
Even better: Landlords are increasingly offering sweeteners — like no deposits, waived fees and up to two months free rent — to close the deal.
In Raleigh, the median rent (mid-point where half cost less and half cost more) for a one-bedroom fell 0.8% to $1,240 in October, according to Zumper’s national rent report . Prices are down 7.3% year-over-year.
Rents for two-bedroom units also dropped to $1,530. That’s down 0.6% since last month and 3.8% year-over-year.
Out of 100 cities nationwide, Raleigh ranked as the 65th most expensive city to rent.
In Durham, the median rent for a one-bedroom fell 1.4% to $1,380 last month, Zumper found. Prices are down 3.5% year-over-year.
Rents for two-bedroom units slipped 1.2% to $1,640 and are also down 3.5% year-over-year.
That ranked Durham as the 44th most expensive city, higher than Raleigh.
Easing prices are largely due to a post-pandemic construction boom , both in the Triangle and nationally. As new supply hits the market “at historic highs,” rent growth has stabilized, Zumper CEO Anthemos Georgiades said in the report.