North Carolina Rental Market Traits in 2025
In recent times, North Carolina has emerged as some of the engaging states within the U.S. for residents and buyers alike, with a booming inhabitants, numerous and resilient regional economies, and a positive steadiness between affordability and demand. From the tech-fueled progress of Raleigh to the monetary energy of Charlotte and the coastal appeal of Wilmington, the Tar Heel State presents a variety of alternatives for rental buyers and property managers. However as we’ll focus on all through this put up, it’s vital to remember the fact that North Carolina has additionally seen an inflow of latest building that’s impacting occupancy and hire progress within the close to time period.
This put up will reveal rental market statistics and insights for every of the 5 North Carolina rental markets we’ve chosen to focus on, together with stock progress, hire progress, emptiness charges, cap charges, and property value appreciation. We’ll additionally spotlight financial and demographic developments in every market.
High 5 Rental Markets in North Carolina for 2025
With out additional ado, listed below are 5 North Carolina rental markets the place our analysis signifies progress alternatives lie in 2025.
Market #1: Greensboro, NC
The Greensboro metro space’s 789,842 residents make it the third-most populous metropolis within the state. It’s positioned throughout the Piedmont Triad, a area in central North Carolina that additionally contains Excessive Level and Winston-Salem.
Greensboro’s financial roots hint again to the nineteenth century, when it turned a hub for textile manufacturing and rail transport. The town additionally developed a powerful presence in tobacco processing and furnishings manufacturing, industries that outlined a lot of North Carolina’s financial system on the time. Through the latter half of the 20 th century, as conventional manufacturing jobs declined as a result of automation and globalization, Greensboro tailored by diversifying its financial system.
At present, along with remaining a middle of the U.S. textile trade, Greensboro has change into a regional hub for logistics and distribution, healthcare and monetary providers, rising tech and entrepreneurial ventures, and better schooling and analysis. Main employers embrace Guilford County Faculties, Cone Well being, the native authorities, the U.S. Postal Service, and Excessive Level Regional Well being System. Establishments just like the College of North Carolina at Greensboro and North Carolina A&T State College additionally play a key function within the space’s financial system and tradition.
Greensboro has all kinds of cultural points of interest that residents and guests can benefit from, such because the Greensboro Science Heart, Greensboro Historical past Museum, the Weatherspoon Artwork Museum at UNC Greensboro, the Worldwide Civil Rights Heart & Museum, and the Carolina Theatre. Greensboro can also be recognized for its plentiful parks and greenways, with leisure points of interest together with Nation Park, the Greensboro Arboretum, Benjamin Park, and Guilford Courthouse Nationwide Navy Park. Lake Brandt and Lake Higgins are common spots for kayaking and fishing. As well as, downtown Greensboro commonly hosts festivals, artwork walks, and seasonal celebrations just like the Enjoyable Fourth Pageant, the Meals Truck Pageant, and the Pageant of Lights.
Like different main cities all through the Carolinas, Greensboro has skilled regular inhabitants progress during the last decade, fueled by the town’s affordability, central location, and numerous financial system. To accommodate this progress, Greensboro has seen a wave of latest housing developments, together with downtown, the place the town is trying to improve residential density and enhance foot visitors for native companies.
Because of all of this growth, with the residence stock in Greensboro rising by 7% during the last 5 years based on RealPage Analytics, emptiness charges are barely elevated. Nonetheless—in contrast to among the different North Carolina rental markets on our listing—hire progress has remained optimistic, making Greensboro an interesting possibility for buyers and property managers trying to get a foot within the door inside this thriving state.
Greensboro, NC Rental Market Statistics
- Rental Stock (Q3-’24): 50,563
- Items Added Since Q3-’23: +588
- Asking Hire Development Since Q3-’23: 1.8%
- Asking Hire (Q3-’24): $1,233
- Efficient Hire (Q3-’24): $1,220
- Multifamily Emptiness Price (Q3-’24): 8.4%
- Multifamily Cap Price (Q3-’24): 6.2%
Supply: Nationwide Affiliation of Realtors
Greensboro, NC Housing Market Statistics
- Median House Value (Q3-’24): $301,200
- House Value Appreciation Since Q3-’23: 4.7%
Supply: Nationwide Affiliation of Realtors
Greensboro, NC Financial Statistics
- Inhabitants Development (2023): 0.7%
- GDP Development (2023): 5.8%
- Job Development (Q3-’24): 0.5%
Supply: Nationwide Affiliation of Realtors
Lists That Point out Greensboro, NC
- Rising Housing Markets Index – Winter 2024 (WSJ/Realtor.com): #87
- Rising Housing Markets Index – Spring 2024 (WSJ/Realtor.com): #34
- Finest Actual Property Markets – Mid-Sized Cities (WalletHub): #66
Market #2: Charlotte, NC
With 2,805,115 residents residing in its metro space, Charlotte is North Carolina’s largest metropolis and the fourteenth-most populous within the U.S. Although Charlotte bought its begin as a small farming neighborhood, the arrival of the railroad within the 1850s marked a turning level for the town by forging connections with different markets and laying the groundwork for industrial manufacturing. Within the latter half of the nineteenth century, Charlotte emerged as a regional hub for cotton textile manufacturing, cementing its standing because the state’s largest metropolis by 1910.
Within the years following World Battle II, Charlotte’s financial system diversified past textiles, capitalizing on its central location and transportation infrastructure to draw banking, insurance coverage, and power corporations. At present, Charlotte is the second-largest banking heart within the U.S. It additionally has a powerful presence in power, healthcare, schooling, and logistics. Its largest employers embrace Atrium Well being, Wells Fargo, Charlotte-Mecklenburg Faculties, Wal-Mart, Financial institution of America, Novant Well being, and American Airways.
Charlotte has quite a lot of cultural points of interest, together with the Mint Museum, Bechtler Museum of Trendy Artwork, Harvey B. Gantt Heart for African-American Arts + Tradition, Blumenthal Performing Arts Heart, Levine Museum of the New South, and the NASCAR Corridor of Fame. Residents who benefit from the outside can get pleasure from Freedom Park, the U.S. Nationwide Whitewater Heart, and Little Sugar Creek Greenway.
Charlotte is experiencing a dynamic part of inhabitants progress and residence building, positioning it as some of the energetic housing markets within the U.S. The College of North Carolina’s Charlotte campus helps to gasoline demand for rental housing amongst college students and younger professionals, one of many the explanation why the town’s inhabitants is rising so rapidly. This demand has drawn a substantial amount of funding in residence building, with the town’s stock rising by a staggering 29% during the last 5 years, based on RealPage Analytics.
Fast progress comes with some trade-offs: In Charlotte’s multifamily market, emptiness charges are excessive, and hire progress has eroded over the previous yr. Nonetheless, robust inhabitants and financial progress developments are more likely to end in continued rental demand that can progressively take up this new provide. Charlotte could also be an excellent longer-term play for buyers, whereas within the quick time period, property managers ought to deal with retention as provide peaks.
Charlotte, NC Rental Market Statistics
- Rental Stock (Q3-’24): 228,025
- Items Added Since Q3-’23: +4,009
- Asking Hire Development Since Q3-’23: -0.9%
- Asking Hire (Q3-’24): $1,622
- Efficient Hire (Q3-’24): $1,594
- Multifamily Emptiness Price (Q3-’24): 12.0%
- Multifamily Cap Price (Q3-’24): 5.4%
Supply: Nationwide Affiliation of Realtors
Charlotte, NC Housing Market Statistics
- Median House Value (Q3-’24): $421,800
- House Value Appreciation Since Q3-’23: 3.7%
Supply: Nationwide Affiliation of Realtors
Charlotte, NC Financial Statistics
- Inhabitants Development (2023): 1.8%
- GDP Development (2023): 9.8%
- Job Development (Q3-’24): 2.2%
Supply: Nationwide Affiliation of Realtors
Lists That Point out Charlotte, NC
- Rising Housing Markets Index – Winter 2024 (WSJ/Realtor.com): #92
- Rising Housing Markets Index – Spring 2024 (WSJ/Realtor.com): #43
- Markets to Watch – Total Actual Property Prospects (PwC/ULI): #18
- Finest Actual Property Markets – Giant Cities (WalletHub): #2
Market #3: Winston-Salem, NC
The Winston-Salem metro space’s 695,630 residents make it the fifth-most populous metropolis in North Carolina. Along with Greensboro and Excessive Level, Winston-Salem is a part of the Piedmont Triad.
Early on in its historical past, Winston-Salem was recognized for tobacco and textile manufacturing, ultimately turning into the house of main companies like R.J. Reynolds and Hanes. Through the Nineteen Eighties and ‘90s, globalization and automation led to a decline in conventional manufacturing, inflicting lots of the space’s textile mills to shut. Nonetheless, as with the opposite North Carolina cities we’ve mentioned on this put up, this shift led the town to diversify its financial system.
At present, Winston-Salem is called a middle for healthcare, schooling, and expertise. Main employers within the space embrace Atrius Well being Wake Forest Baptist, Novant Well being, Winston-Salem/Forsyth County Faculties, the native authorities, and Wells Fargo, along with Reynolds and Hanes, that are nonetheless headquartered in Winston-Salem. As well as, one of many metropolis’s defining options is the presence of quite a lot of increased schooling establishments, with Wake Forest College, Winston-Salem State College, and the UNC Faculty of the Arts positioned right here.
Residents and guests to Winston-Salem can get pleasure from cultural points of interest like Outdated Salem Museums & Gardens, Reynolda Home Museum of American Artwork, Southeastern Heart for Up to date Artwork, and Reynolda Gardens. They’ll additionally catch performances by the Piedmont Opera and Winston-Salem Symphony, attend the Nationwide Black Theatre Pageant or RiverRun Worldwide Movie Pageant, or view artwork in an city park setting at Exercise on the Inexperienced.
Winston-Salem is rising quick, and its pupil inhabitants offers a gentle supply of rental demand. The market hasn’t obtained as a lot new provide as extra outstanding North Carolina rental markets have, so hire progress has remained comparatively robust. This, along with the market’s relative affordability, could make Winston-Salem an interesting possibility for buyers and property managers trying to develop throughout the Carolinas.
Winston-Salem, NC Rental Market Statistics
- Rental Stock (Q3-’24): 34,908
- Items Added Since Q3-’23: +89
- Asking Hire Development Since Q3-’23: 2.9%
- Asking Hire (Q3-’24): $1,209
- Efficient Hire (Q3-’24): $1,195
- Multifamily Emptiness Price (Q3-’24): 9.1%
- Multifamily Cap Price (Q3-’24): 6.4%
Supply: Nationwide Affiliation of Realtors
Winston-Salem, NC Housing Market Statistics
- Median House Value (Q3-’24): $310,500
- House Value Appreciation Since Q3-’23: 3.7%
Supply: Nationwide Affiliation of Realtors
Winston-Salem, NC Financial Statistics
- Inhabitants Development (2023): 1.0%
- GDP Development (2023): 7.5%
- Job Development (Q3-’24): 1.3%
Supply: Nationwide Affiliation of Realtors
Lists That Point out Winston-Salem, NC
- Rising Housing Markets Index – Winter 2024 (WSJ/Realtor.com): #109
- Rising Housing Markets Index – Spring 2024 (WSJ/Realtor.com): #52
- Finest Actual Property Markets – Mid-Sized Cities (WalletHub): #50
Market #4: Raleigh, NC
Raleigh is the second-most populous metropolis in North Carolina, with 1,509,231 residents residing within the Raleigh-Cary metro space. It’s additionally the biggest metropolis inside North Carolina’s Analysis Triangle, an space that additionally contains Durham and Chapel Hill, and is called some of the dynamic innovation corridors within the U.S.
Over time, Raleigh has grown from a modest authorities outpost to a thriving hub of expertise and schooling. The town’s function because the state capital has lengthy anchored its financial system, with the North Carolina state authorities standing out as the world’s largest employer by far. As well as, North Carolina State College, based in 1887, has been a significant employer and driver of innovation within the area. Different high employers in Raleigh embrace the Wake County Public Faculty System, WakeMed Well being and Hospitals, and UNC Rex Healthcare. Because the 2000s, Raleigh has additionally obtained an inflow of startups throughout the tech, monetary, and life sciences sectors.
There are a selection of cultural points of interest clustered in Raleigh, together with the North Carolina Museum of Artwork, North Carolina Museum of Pure Sciences, and North Carolina Museum of Historical past. Residents and guests can see the Carolina Ballet, Opera, and Symphony on the Duke Power Heart for the Performing Arts. As well as, Raleigh—referred to as the Metropolis of Oaks—has quite a lot of inexperienced areas, together with Dorothea Dix Park, William B. Umstead State Park, and the Neuse River Greenway Path. Guests additionally flock to Pullen Park, one of many world’s oldest amusement parks, in addition to annual festivals just like the North Carolina State Honest, Artsplosure, and Hopscotch Music Pageant.
Robust inhabitants progress in Raleigh has resulted in report rental demand in recent times. In response, builders within the metropolis have constructed tens of 1000’s of latest rental items, with stock rising by a complete of 25% during the last 5 years, based on RealPage Analytics. Because of this, emptiness charges are comparatively excessive, and hire progress has drifted into the adverse over the previous yr. Nonetheless, the market’s demand outlook stays robust, which is more likely to convey Raleigh again onto buyers’ radar in future years.
Raleigh, NC Rental Market Statistics
- Rental Stock (Q3-’24): 132,341
- Items Added Since Q3-’23: +2,133
- Asking Hire Development Since Q3-’23: -2.7%
- Asking Hire (Q3-’24): $1,549
- Efficient Hire (Q3-’24): $1,522
- Multifamily Emptiness Price (Q3-’24): 12.0%
- Multifamily Cap Price (Q3-’24): 5.3%
Supply: Nationwide Affiliation of Realtors
Raleigh, NC Housing Market Statistics
- Median House Value (Q3-’24): $472,300
- House Value Appreciation Since Q3-’23: -1.3%
Supply: Nationwide Affiliation of Realtors
Raleigh, NC Financial Statistics
- Inhabitants Development (2023): 1.7%
- GDP Development (2023): 9.5%
- Job Development (Q3-’24): 2.0%
Supply: Nationwide Affiliation of Realtors
Lists That Point out Raleigh, NC
- Rising Housing Markets Index – Winter 2024 (WSJ/Realtor.com): #203
- Rising Housing Markets Index – Spring 2024 (WSJ/Realtor.com): #99
- Markets to Watch – Total Actual Property Prospects (PwC/ULI): #12
- Finest Actual Property Markets – Giant Cities (WalletHub): #4
- Finest Locations to Reside (U.S. Information): #155
Market #5: Wilmington, NC
Wilmington is positioned in southern North Carolina between the Atlantic Ocean and the Cape Concern River. 467,337 residents name the Wilmington, NC metro space house, making it the eighth-most populous metropolis within the state.
Wilmington has been a significant port for the reason that metropolis’s incorporation in 1739. The development of the Wilmington & Weldon Railroad in 1840 additional boosted commerce there, with the town’s financial system diversifying into manufacturing, transport, and rail transport by the 1900s. Shipbuilding and army installations throughout World Battle II helped to revitalize an financial system that had flagged throughout the Nice Melancholy. This wasn’t the one problem that Wilmington would face: Although the town discovered success in textile and chemical manufacturing throughout the post-war industrial growth, the motion towards deindustrialization once more threatened its financial system within the latter half of the 20 th century.
Nonetheless, within the Nineties and 2000s, Wilmington skilled a renaissance, with tourism surging as a result of its proximity to the seashore and efforts to revitalize its downtown. A booming movie trade additionally earned the town the nickname “Hollywood East.” Total, this era marked a shift towards a extra service-based financial system, with progress throughout the hospitality, retail, and healthcare sectors. At present, high employers in Wilmington embrace Novant Well being, New Hanover County Faculties, the native authorities, GE Hitachi Nuclear Power, and Thermo Fisher Scientific. As well as, the College of North Carolina Wilmington and Cape Concern Neighborhood Faculty play an vital function within the native financial system.
Wilmington guests can expertise the town’s wealthy historical past by visiting the WWII-era Battleship North Carolina, the Bellamy Mansion Museum, Latimer Home, Burgwin-Wright Home, and the Wilmington Railroad Museum. Further cultural points of interest positioned right here embrace Cape Concern Museum of Historical past and Science, the Cameron Artwork Museum, and the Youngsters’s Museum of Wilmington. There are additionally alternatives for out of doors recreation at Airlie Gardens, the New Hanover County Arboretum, and the Wilmington Riverwalk, in addition to the favored waterpark Jungle Rapids.
Wilmington has skilled appreciable enlargement for a market of its dimension over the previous couple of years, with its stock rising by an unmatched 36%, based on RealPage Analytics. Because of this, emptiness charges have elevated, and hire progress has fallen barely. Nonetheless, as with the opposite North Carolina markets we’ve mentioned, rental demand in Wilmington stays robust, so occupancy and rental costs are anticipated to strengthen as absorption catches up with provide. Traders all in favour of a coastal market that draws college students, retirees, and distant employees could discover Wilmington interesting.
Wilmington, NC Rental Market Statistics
- Rental Stock (Q3-’24): 27,534
- Items Added Since Q3-’23: +607
- Asking Hire Development Since Q3-’23: -1.0%
- Asking Hire (Q3-’24): $1,547
- Efficient Hire (Q3-’24): $1,522
- Multifamily Emptiness Price (Q3-’24): 12.7%
- Multifamily Cap Price (Q3-’24): 5.9%
Supply: Nationwide Affiliation of Realtors
Wilmington, NC Housing Market Statistics
- Median House Value (Q3-’24): $468,000
- House Value Appreciation Since Q3-’23: 2.4%
Supply: Nationwide Affiliation of Realtors
Wilmington, NC Financial Statistics
- Inhabitants Development (2023): Unavailable
- GDP Development (2023): 8.6%
- Job Development (Q3-’24): 1.7%
Supply: Nationwide Affiliation of Realtors
Lists That Point out Wilmington, NC
- Rising Housing Markets Index – Winter 2024 (WSJ/Realtor.com): #93
- Rising Housing Markets Index – Spring 2024 (WSJ/Realtor.com): #98
- Finest Actual Property Markets – Giant Cities (WalletHub): #12
How Do We Establish the Finest Rental Markets in North Carolina?
We use the next sources to assist us verify the most effective rental markets within the U.S. throughout 5 totally different classes.
Business Indicators
Measures of alternative for rental property buyers and property managers:
Housing Indicators
Measures of property costs and hire progress:
Financial and Job Market Indicators
Measures of employment progress:
Demographic Indicators
Measures of inhabitants progress:
- Markets with the best inhabitants progress, as measured by the Nationwide Affiliation of Realtors
- The fastest-growing actual property markets, as measured by U.S. Information
- The perfect locations to dwell, based mostly on analyses of high quality of life and desirability, as measured by U.S. Information
Local weather Indicators
Measures of local weather vulnerability:
60 Up-and-Coming Actual Property Markets in 2025
In Buildium’s annual Up-and-Coming Actual Property Markets listing, we analyzed 175 metro areas throughout the U.S. to find out which cities present promise for rental buyers and property managers within the yr forward. Questioning the place else can rental buyers and property managers discover extra progress alternatives in 2025? View the complete listing of rising markets we’ve recognized throughout the nation.
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