Raleigh’s rental market remained steady in Q1 2025, with modest rent growth, increasing inventory, and a slight dip in concessions. While demand is holding up and applicant volume is trending higher, leasing times suggest renters are taking a bit longer to make decisions, likely due to the wider range of available options.
The rise in listings across all unit types signals renewed market activity and a competitive spring season ahead. At the same time, the decline in concessions points to improving confidence among property managers, even as many expect prices to hold rather than rise sharply.
Raleigh appears to be in a period of transition: balancing stable demand with growing supply and mixed expectations for pricing. As we head into peak season, conditions remain favorable for both renters and landlords.
Continue reading for a deeper look at Raleigh’s rental trends, leasing activity, and property manager sentiment.
In Raleigh, 17% of property managers expect rent prices to increase in the next six months, while 70% anticipate they’ll remain the same. Meanwhile, 13% predict a decrease, one of the higher percentages among surveyed markets, suggesting some caution around future pricing. On the demand side, 30% of property managers report receiving more applications for available rentals, indicating growing renter interest. Another 68% say applicant volume has stayed consistent, with only 2% seeing fewer applicants. These figures point to a market with stable or rising demand, even as rent price expectations show some uncertainty.
In Q1 2025, 52% of Raleigh rental listings included concessions, down from a record high of 59% in Q4 2024 but still well above the national average of 28%. This sustained use of concessions indicates that landlords are continuing to offer incentives to attract tenants in a competitive market.
Days on market held steady in Raleigh in Q1 2025. Single-family homes averaged 24 days on the market, consistent with Q4 2024 and close to the national average of 23 days. Multifamily units also stayed at 28 days, five days longer than the national average. This suggests that while demand remains relatively healthy, Raleigh rentals are moving a bit slower than in other metros.
Rental prices in Raleigh remained relatively flat in Q1 2025. One-bedroom units rose slightly to $1,385, recovering from a small dip the previous quarter. Two-bedrooms saw a modest increase to $1,610, while three-bedroom units ticked up to $1,915. Single-family homes stayed consistent at $1,995, and multifamily rent edged up just $5 to $1,564. Overall, pricing has stabilized after some minor fluctuations through 2024.
Inventory increased across nearly all categories in Q1 2025. One-bedroom listings rose by 19.3%, while two- and three-bedroom listings grew by 19% and 13.1%, respectively. Multifamily units increased by 18.6%, and single-family listings were up 7.7%. After a year of slow growth, these gains suggest a more active market heading into spring.
This guest chart, courtesy of Snaptimate, illustrates regional cost trends for a typical residential unit turnover. The sample scope is for an 800 single-family unit and includes interior painting, carpet replacement, and resurfacing a pressure-treated deck. While the Northeast remains the most expensive region, the West is rapidly catching up with a 3.8% quarter-over-quarter increase - the highest in the country. Turnover costs are rising nearly everywhere, with 95% of markets analyzed showing upward movement. In the Raleigh market specifically, costs increased by 0.88%. In this work scope labor costs made up the bulk of the total, so wage inflation had the greatest impact on overall increases. The effect of tariffs on construction materials remains unclear, but it will be a key factor to watch in the coming quarters.
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 Q1 2025 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
Snaptimate (www.snaptimate.com) is an app that delivers instant, localized cost estimates for residential repairs, replacements, and renovations—tailored specifically for real estate professionals. It is fueled by the same data trusted by contractors for more than 20 years in the nation’s #1 estimating platform.
