Rents continue to slide in the Triangle. Are they back to pre-pandemic levels?

After skyrocketing by up to 50% between 2020 and 2022, rents in parts of the Triangle are coming down, a new report shows.

In Raleigh, the median rent (mid-point value) for a one-bedroom apartment fell 1.6% to $1,270 in April. That was down 10.6% year-over-year.

The median rent for a two-bedroom apartment held steady at $1,560 in April and was down 2.5% year-over-year.

Out of 100 cities nationwide, Raleigh ranked as the 59th most expensive city for renters, down five spots, according to Zumper’s April rent report.

In Durham, the median rent for a one-bedroom apartment was down 1.4% to $1,463 in April. That was down 4.7% year-over year, Zumper found.

In contrast, two-bedroom units jumped 6% and were up 0.6% year-over-year. That ranked Durham as the 41st most expensive city, higher than Raleigh.

(All six North Carolina cities in the rankings saw one-bedroom rents down annually. Winston-Salem had the second-largest decline nationwide.)

For apartment hunters, the numbers may offer some relief amid inflation and the rising cost of living in the region.

But even with this cooling, one-bedroom and two-bedroom rents are still roughly $200 pricier in both Raleigh and Durham than they were in 2020, just before the COVID-19 pandemic hit, Zumper data shows.

Nationally, rents remained stable with one-bedrooms down 0.6% to $1,486, while two-bedrooms increased 0.1% to $1,843.

Why are rents falling?

Easing rents are largely due to new supply hitting the market, Zumper CEO Anthemos Georgiades said.

A post-pandemic construction boom saw some 10,922 apartments hit the Raleigh-Cary market in 2023.

Zumper estimates supply will jump over 50% across Durham and Raleigh this year.

Charlotte is also seeing a surge. Its rental occupancy rate dropped to 93.7% toward the end of 2023, a decade low and down from the record high of 97.2% seen in the beginning of 2022.

“People have more options now than in recent memory,” Georgiades said.

Brand-new, amenity-rich “Class-A” buildings are increasingly offering concessions like three-months’ free rent, free parking, and waived deposits and application fees, he said.

“This, in turn, puts pressure on Class B and C buildings to price competitively as well in order to attract tenants,” he said.

Current move-in deals include two months free at The Signal at Seaborn Station in Raleigh; and six weeks free at The Ramsey on Pettigrew Street in Durham.

Where are Raleigh’s most expensive apartments for renters? Take a look