The top rental markets in North Carolina are Charlotte, Raleigh, Durham, Cary, Fayetteville, Wilmington, and Asheville.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
North Carolina Rental Trends:
North Carolina is the ninth most populous state in the U.S. and was one of the original 13 colonies – it’s also the sixth most visited state as its history and landscapes attract tourists from all over. Whether investors are looking for short-term or long-term rentals, North Carolina is a great place for affordable rental properties. Here are some highlights from the top rental markets in the Tar Heel State.
Days on Market:
The city with the lowest number of days on market is Fayetteville at only 12 days – under the national average which sits at 15 days; Durham has the highest number of days on market at 18.
The top three towns for the largest amount of leads per listing are close to the national average of 38. Here they are:
- Fayetteville – 52 leads per listing
- Asheville – 37 leads per listing
- Raleigh – 33 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Fayatteville comes below that with the lowest average rent of $793 for a two-bedroom compared to the highest rent in North Carolina at $1,293 in Cary.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. North Carolina’s highest median sale price comes above that at $380,000 in Cary with its lowest median sale price far lower than the national average at $120,000 in Fayetteville.
North Carolina’s median income rings in at $46,080 – just under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen, but mostly decreased in North Carolina cities between 2018 and 2019. With the largest being an increase of 20.59% in Fayetteville at $1,025, and the largest decrease in Raleigh at -11.2% with the current average at around $1,150 – close to the national average for security deposits which is around $1,200.
All of the North Carolina cities had a livability score 63 or higher with the highest being Cary at 86!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.