Discover
Raleigh
Raleigh is the capital of the state of North Carolina. Home to over 480,000 residents, it is the second-largest city in the state after Charlotte. The city is part of a large metropolitan area known as the Raleigh-Durham-Chapel Hill area, or the Triangle area, which has a population of 2.6 million. One of the fastest-growing cities in the US, Raleigh enjoys a population growth rate well above the national rate. This growth is driven primarily by the strong annual net migration the city experiences. This is a good indicator for those considering investing in the Raleigh real estate market since, with this growth in population, comes more tenants. Additionally, nearly half of the city’s residents (48% according to NeighborhoodScout) are renters rather than homeowners, meaning Raleigh rental properties benefit from high demand and occupancy rates.
The City of Oaks enjoys a strong economy that is supported by a young and highly educated workforce. It is part of North Carolina’s Research Triangle, one of the country’s largest and most prominent high-tech research and development parks and a well-known hub for life sciences. The surrounding area is home to a number of universities, including North Carolina State University, UNC Chapel Hill, and Duke University, which have a notable economic impact on the region. Each year, thousands of graduates from these universities provide a steady source of employees that help to fuel local economic growth. Ranked as the 2nd Best Place for Business and Careers by Forbes, Raleigh offers a welcoming business climate and lower costs compared to other tech cities. The city is a magnet for startups and sees many companies expanding and moving in from other parts of the country. Other major industries driving the economy in Raleigh include financial services, electrical, electronic and telecommunications equipment, clothing, food processing, and tourism.
Reasonably priced housing, coupled with strong population growth and ample employment opportunities, earned Raleigh the 3rd spot on PWC’s list of Top US Markets to Watch in its annual Emerging Trends in Real Estate: United States and Canada 2019 report. The city is among the top in the US for real estate investment and development opportunities. The report, however, cites a need for more affordable housing to meet demand.
Raleigh Realtors and Real Estate Agents
| Facts and Market Trends in Raleigh |
| Homes For Sale1,319 |
| Airbnb Properties222 |
| Rental Properties726 |
| Traditional Vacancy rate7.60% |
| Airbnb Occupancy Rate62.70% |
| Mashmeter68.00% |
| Median Price$425,497 |
| Median Rent Price$1,434 |
| Price/sqft$347 |
| Median Days on Market79 |
| Price to Rent Ratio23.0 |
| Average Cap Rate |
| Airbnb2.84% |
| Traditional1.32% |
| Average Rental Income |
| Airbnb$2,754 |
| Traditional$1,533 |
| Median Household Income$54,581 |
| Population469,298 |
| RENTAL STRATEGY | STUDIOS | 1 ROOM | 2 ROOMS | 3 ROOMS | 4 ROOMS |
|---|---|---|---|---|---|
| Airbnb | $2,159 | $2,062 | $2,156 | $2,556 | $4,413 |
| Traditional | $961 | $936 | $1,169 | $1,539 | $1,873 |
Raleigh, NC 27603Southwest Raleigh
Raleigh, NC 27604North Central
Raleigh, NC 27604North Central
Raleigh, NC 27608Five Points
Raleigh, NC 27608Five Points
Raleigh, NC 27612Wade
Raleigh, NC 27612Glenwood
Raleigh, NC 27610North Central
Raleigh, NC 27605Hillsborough
Raleigh, NC 27591West Raleigh
Raleigh, NC 27591West Raleigh
Raleigh, NC 27591West Raleigh
Real estate appreciation in the Raleigh real estate market is tangible as property values have risen by 70.82% since Q1 of 2000, which is an average annual home appreciation rate of 2.82% according to NeighborhoodScout. Property value is still climbing in the Raleigh housing market as Zillow reports an appreciation of 6.2% over the past year. This housing market trend is expected to continue, which makes Raleigh a hot seller’s market with large opportunities for long-term return on investment.
There is a limited number of homes for sale on the market, while demand from homebuyers and real estate investors continues to rise as the population grows. This shortage of housing supply is what contributes to the high real estate appreciation that a Raleigh real estate investor will enjoy.
Raleigh, NC 27608Glenwood
Raleigh, NC 27603Southwest Raleigh
Raleigh, NC 27610East Raleigh
Raleigh, NC 27608Five Points
Raleigh, NC 27608Five Points
Raleigh, NC 27612Wade
Raleigh, NC 27612Glenwood
Raleigh, NC 27610North Central
The short-term rental industry in Raleigh has thrived in recent years. Millions of visitors flock to the city each year as it is an attractive destination to host conventions, sporting events, and business gatherings. In the past year, nearly 143,000 Airbnb guests stayed in short-term rental properties in the Triangle area, bringing a total revenue of $18 million to the local Airbnb hosts. This means the average Airbnb Raleigh host earns about $6,000 per year.
In May 2019, the Raleigh city council passed a short-term rental ordinance that places tight restrictions on short-term rentals but it will go into effect starting January 2020. Under the ordinance, homeowners can only rent out up to two guest rooms in their homes, but not their entire home. They must also be living on the property while renting it out. This effectively outlaws the use of non-owner occupied vacation rentals. The new law also limits hosts to only two adult guests and their minor children staying in the house at a time.
Raleigh Airbnb hosts must register with the city and pay a short-term rental permit fee of $172 (the annual fee for permit renewal is $86). They must also inform all the neighbors living within 100 feet of the property that they are seeking a rental permit. Violation of any of these terms could cost homeowners up to $500 in fines per day.
- San Francisco Housing Market
- Chicago Housing Market
- Austin Housing Market
- San Diego Housing Market
- Houston Housing Market
- Miami Housing Market
- Nashville Housing Market
- Denver Housing Market
- Los Angeles Housing Market
- Washington Housing Market
- New York Housing Market
- Seattle Housing Market
- Philadelphia Housing Market
- Baltimore Housing Market
- Atlanta Housing Market
- Boston Housing Market
- Jacksonville Housing Market
- Charlotte Housing Market
- Las Vegas Housing Market
- Palm Springs Housing Market
- Phoenix Housing Market
- Sacramento Housing Market
- Tampa Housing Market
- Orlando Housing Market
- Columbus Housing Market
- Portland Housing Market
- Dallas Housing Market
- San Antonio Housing Market