Press release from Apartment List:
Welcome to the September 2019 Asheville Rent Report. Asheville rents declined over the past month. In this report, we’ll evaluate trends in the Asheville rental market, including comparisons to cities throughout the state and nation.
Asheville rents have declined 0.8% over the past month, but have increased moderately by 2.4% in comparison to the same time last year. Currently, median rents in Asheville stand at $899 for a one-bedroom apartment and $1,123 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in June. Asheville’s year-over-year rent growth lags the state average of 2.7%, but exceeds the national average of 1.5%.
Throughout the past year, rent increases have been occurring not just in the city of Asheville, but across the entire state. Of the largest 10 cities that we have data for in North Carolina, all of them have seen prices rise. The state as a whole logged rent growth of 2.7% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Cary is the most expensive of all North Carolina’s major cities, with a median two-bedroom rent of $1,300; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Wilmington experiencing the fastest growth (+5.4%).
- Cary, Durham, and High Point have all experienced year-over-year growth above the state average (4.3%, 3.9%, and 3.5%, respectively).
As rents have increased moderately in Asheville, a few large cities nationwide have also seen rents grow modestly. Asheville is still more affordable than most large cities across the country.
- Asheville’s median two-bedroom rent of $1,123 is below the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 2.4% increase in Asheville.
- While Asheville’s rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.0%), and New York (+1.7%).
- Renters will find more reasonable prices in Asheville than most large cities. For example, San Francisco has a median 2BR rent of $3,133, which is more than two-and-a-half times the price in Asheville.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.