Report from ApartmentList.com:
Asheville rents have increased 1.2% over the past month, and are up moderately by 3.0% in comparison to the same time last year. Currently, median rents in Asheville stand at $910 for a one-bedroom apartment and $1,140 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in March. Asheville’s year-over-year rent growth leads the state average of 2.8%, as well as the national average of 1.6%.
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 2.8% 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 $1,290; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Cary experiencing the fastest growth (+4.4%).
- Wilmington, High Point, and Durham have all experienced year-over-year growth above the state average (4.2%, 3.8%, and 3.7%, 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 $1,140 is slightly below the national average of $1,190. Nationwide, rents have grown by 1.6% over the past year compared to the 3.0% rise in Asheville.
- While Asheville’s rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+1.9%), and Atlanta (+1.8%).
- Renters will find more reasonable prices in Asheville than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than two-and-a-half times the price in Asheville.