RALEIGH, N.C. – For years, the headline has been that rental prices are skyrocketing in North Carolina. While that’s still the case, a new report from Rent.com shows rent prices are decreasing slightly, month over month.

What You Need To Know

  • Month over month, rent is decreasing in certain parts of North Carolina, according to the latest numbers from Rent.com

  • While monthly rent is dropping, researcher Jon Leckie says the yearly price of rent is still up about 10% in North Carolina

  • Leckie says renters have negotiating power now, due to more inventory, decreased demand and more vacancies

Raleigh’s rent is down a little more than 2.25%, while Charlotte reported to dip about 1% as per Rent.com.

Jon Leckie, one of the researchers behind the new numbers, says the caveat is rent in the Tar Heel state is up about 10% on a yearly basis.

“It [North Carolina] was one of 13 states to see double digit increases on a yearly basis in our study. And both Raleigh and Charlotte have also been up on a yearly basis for the past several months,” Leckie said.

He attributes the drop in prices to recent changes in the housing market.

“I think you've gone from a period of a really hot housing market to one that's starting to cool, and that's starting to work its way into the rental market and bring some of those prices down,” Leckie explained.

Leckie says listing prices are down about 14% in Raleigh, but prices are up about 6%.

When comparing the rental costs on a national level, Leckie says North Carolina is still well below the median.

“The national median is about $1,836. North Carolina's right at $1,628. So, that's, you know, that's good that you're below the median, even though you're growing,” he said.

Since February of 2021, Leckie says rent in North Carolina is up about 32%.

If you’re looking for the best deals in the state, Leckie recommends negotiating the price.

While that wouldn’t have gotten you far six months ago, he says there is now more inventory online, paired with a decrease in demand, equally more vacancies.

“Landlords are having to compete for tenants in a way that they haven't in the sort of recent history. So, don't be afraid to negotiate, but show up and do your homework,” Leckie said.

He suggests comparing costs for similar apartments, with similar square footage, amenities and around the same time of year.