Press release from Apartment List:
Welcome to the November 2020 Asheville Rent Report. Asheville rents increased 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 increase sharply over the past month
Asheville rents have increased 1.5% over the past month, and are up slightly by 1.1% in comparison to the same time last year. Currently, median rents in Asheville stand at $1,027 for a one-bedroom apartment and $1,361 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in July. Asheville’s year-over-year rent growth leads the state average of 0.5%, as well as the national average of -1.4%.
Rents rising across cities in North Carolina
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, 7 of them have seen prices rise. The state as a whole logged rent growth of 0.5% 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, Asheville is the most expensive of all North Carolina’s major cities, with a median two-bedroom rent of $1,361; of the 10 largest cities in North Carolina that we have data for, Cary, Charlotte, and Durham, where two-bedrooms go for $1,340, $1,196, and $1,171, respectively, are the three major cities in the state to see rents fall year-over-year (-2.4%, -2.2%, and -2.0%).
-Fayetteville, Greensboro, and High Point have all experienced year-over-year growth above the state average (7.9%, 5.9%, and 5.5%, respectively).
Many large cities nationwide show more affordable rents compared to Asheville
As rents have increased slightly in Asheville, other large cities nationwide have seen rents grow more quickly. Compared to most large cities across the country, Asheville is less affordable for renters.
Asheville’s median two-bedroom rent of $1,361 is above the national average of $1,101. Nationwide, rents have fallen by 1.4% over the past year compared to the 1.1% rise in Asheville.
While Asheville’s rents rose slightly over the past year, some cities nationwide saw increases as well, including Detroit (+3.5%) and Phoenix (+3.3%).
Renters will generally find more expensive prices in Asheville than most large cities. For example, Detroit has a median 2BR rent of $895, where Asheville is more than one-and-a-half times that price.