North Carolina is one of the top states Americans are moving to and five of its cities rank among the top 20 places for renters to live in the country, according to a new analysis.
In a new report conducted by the rental company RentCafe, Chapel Hill, Charlotte, Raleigh, Wilmington, and Durham rank among the best places in the county for renters to live based on factors including the cost of living, the local economy, and quality of life.
A common thread is the high potential for job growth and generally lower living costs compared to other parts of the US. The average rent in Raleigh is $1,577, while the average rent in Charlotte at $1,628, both below the national average of $1,713. Additionally, the state’s strong economy, driven by finance, technology, healthcare, and education, is a major draw.
“North Carolina is a top choice for renters thanks to several key factors,” said Veronica Grecu, senior writer and research analyst at RentCafe. “Cities like Charlotte and Raleigh house Fortune 500 companies and booming tech hubs, creating a stable job market and attracting skilled workers. Furthermore, the influx of tech companies in the Research Triangle is particularly boosting housing demand and offering opportunities for tech-sector renters. Prestigious universities like the University of North Carolina and Duke University also attract students and academics, adding to the dynamic rental market.”
North Carolina’s popularity among renters has steadily increased since 2020, prompting developers to meet the demand for apartments capacity. Charlotte is one of the top cities in the county for apartment construction between 2020 and 2022, with 17,213 units completed, just behind Washington, D.C., and ahead of Miami by about 1,500 units.
Those high unit counts factor in to affordable prices in a big way. Builders and developers have consistently pointed to supply restrictions, throttled by onerous regulations, when asked what’s behind the housing affordability crisis.
Many other southern cities rank high on the list, with Charleston, South Carolina, considered the best city to rent in across the nation for the second year in a row, followed by Atlanta, Georgia and Sarasota, Florida.
As the two most populated cities in the state, Charlotte and Raleigh continue to top charts for building. Expanding quickly with major builders, the two cities rank 11th and 12th, respectively, for new apartment completions in 2023. The Charlotte metro area saw 12,396 new apartments, while the Raleigh metro area added 10,922 new apartments.
With home prices in North Carolina below the national average, the state’s housing market remains dynamic and continues to grow, Grecu explained.
“As a result, North Carolina is steadily embracing the build-to-rent trend. This option is perfect for renters who aren’t ready to commit to homeownership but still want to experience a taste of the American dream,” she said.