How do 2024 Fayetteville apartment and house rentals compare to 2023?
Fayetteville’s housing market has seen a drop in rent prices compared to last year, while the month-to-month rent has increased, according to an annual rent report.
The median monthly rent for all types of properties in Fayetteville stands at $1,350 — $87 less than last year's annual report estimated, and $50 more than last month's median rent figure in the city, according to the report from Zillow.
Read more: If Fayetteville home values increase, what does that mean for rent prices?
Rent in Fayetteville is 36% lower than the annual national median, which is $2,125, meaning that Fayetteville's rent is $775 less than the national median, according to the report.
Furthermore, the price range for all numbers of bedrooms and all property types is $475 to $5,600, and there are 631 rental spaces available in Fayetteville, according to the report.
A separate report shows that the average rental price for a studio apartment in Fayetteville was $1,229, which is 20% less than last year’s cost, followed by two-bedrooms at $1,192 and one-bedroom apartments at $1,005, according to a rent.com report.
According to another Zillow.com report, the median rent for houses in Fayetteville is $1,495 —$90 less than last year and $45 more than last month.
Examples of rent prices in various neighborhoods in Fayetteville include: the Terry Sanford High School district, with an average rent of $1,022 for a one-bedroom apartment; Douglas Byrd school district, where renters pay an average of $899 for the same and Westover school district, where the average one-bedroom apartment rent is $1,294, according to a rent.com report.
Insights into the Fayetteville market
Fayetteville's military presence and high rental traffic in recent years have made it difficult to secure rental homes as the demand is high but the supply is low, according to Karen Delavega, director of operations for Homeowners Property Management of Fayetteville, a real estate property management company.
"I would say that the demand is there, but the inventory is lacking," Delavega said by email Tuesday. "If there is a good home, it is pretty much rented out fairly fast."
She said that Hope Mills and Gray's Creek continue to be popular, but recent developments in more rural areas have seen a rise in popularity among renters looking for a place to call home.
"As new construction and neighborhoods continue to populate, (in) the more rural areas — for example, Raeford, Gray's Creek, Eastover, Sanford and Stedman — I see more clientele wanting to be in those areas because of the high demand, the rental prices are slightly higher in those areas," Delavega said.
Delavega said that rentals in the city tend to have higher prices than in rural areas and typically cost more than the average family can afford.
Reporter Lizmary Evans covers growth and development for The Fayetteville Observer. You can reach her at LEvans@gannett.com
This article originally appeared on The Fayetteville Observer: How much does it cost to rent a house or apartment in Fayetteville?
