In Q4 2024, Raleigh's rental market saw a slight decline in listings across most property types. Rent prices remained fairly stable, with minor fluctuations across property types. The rental market faced significant increases in the percentage of listings offering concessions. Multifamily units stayed on the market longer than the national average while single-family units were in line with it.
We asked property managers in the Raleigh area for insights into the market.
Key Takeaway: Raleigh’s rental market is facing moderate uncertainty, with 26% of property managers expecting rent decreases and 62% anticipating no change in rent prices.
Data Summary:
Data Summary:
Deeper Diver: Raleigh’s rental market appears to be softening, as 26% of property managers expect rent decreases, signaling potential challenges in maintaining rental prices. With 62% anticipating no change in rents, the market seems relatively stable but cautious. The slowdown in leasing activity is more pronounced, with 49% of property managers receiving fewer applications and only 4% experiencing an increase. This suggests that demand for rentals is weakening, likely due to factors such as increased supply or shifts in tenant preferences.
Key Takeaway: Concessions in Raleigh surged to 59% in Q4 2024, well above the national average of 28%, signaling a highly competitive market.
Data Summary:
Deeper Dive: Raleigh saw a significant increase in concessions in Q4 2024, with 59% of listings offering some form of incentive. This marked a sharp rise from 48% in Q3 2024. The national average for concessions in Q4 2024 was 28%, meaning Raleigh’s market was much more likely to offer concessions than many other markets across the country. This increase suggests that property owners in Raleigh may be responding to competitive pressures, especially in the multifamily sector, where the increase in incentives was especially pronounced.
Key Takeaway: In 2024 properties in Raleigh took longer to lease than the national average, particularly in multifamily properties, which exceeded the national days on market average in Q4.
Data Summary:
Deeper Dive: Raleigh’s rental properties, particularly multifamily units, took longer to lease than the national average. The single-family market in Raleigh saw an average of 24 days on market in Q4 2024, which is at the upper end of the national range, while multifamily units took 28 days, which is above the national average. These longer days on market suggest slightly weaker demand or increased competition, particularly in the multifamily sector.
Key Takeaway: Rent prices in Raleigh remained relatively stable across most property types, with minor decreases seen in multifamily, one-, and two-bedroom units.
Data Summary:
Deeper Dive: The rental prices in Raleigh showed overall stability in Q4 2024. The one-bedroom sector saw a slight decrease to $1,359, continuing a minor downward trend that began earlier in the year. The two-bedroom and three-bedroom markets remained stable, with rents holding steady at $1,599 and $1,900, respectively. The single-family rental market continued to hold steady at $1,995, while multifamily rents experienced a slight decrease to $1,559. The overall trend indicates a relatively stable market with minimal fluctuations in rental prices.
Key Takeaway: Raleigh’s rental market exhibited some fluctuation throughout the year, with most property types showing either slight declines or modest increases by Q4 2024.
Data Summary:
Deeper Dive: Raleigh experienced some fluctuation in listing counts throughout 2024. The one-bedroom and multifamily markets showed minor increases in Q4, signaling steady demand for these property types. However, the three-bedroom and single-family markets saw slight declines to 0.1% and -0.9%, respectively. The multifamily sector showed modest growth, suggesting that it is holding steady, while single-family listings have been somewhat less consistent.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. In the Raleigh, NC market, data from Doorify MLS was used, courtesy of Doorify MLS. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Raleigh-Cary, NC, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution. ©2025 by Rental Beast
