The cost difference between renting and owning in Raleigh
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The average Raleigh renter pays over $1,700 less a month than someone who owns a home in the region, per a new Zillow report.
Why it matters: As Raleigh home prices remain sticky amid high interest rates, it's more evidence that renting might be the way to go for some people.
By the numbers: The typical Raleigh renter pays $1,675 a month, whereas the typical new home buyer pays $3,460 a month for their mortgage, insurance and taxes.
- Over the course of a year, that's a $21,420 difference.
Between the lines: That cost difference between owning and renting is why some developers are still targeting Raleigh for thousands of new apartments even after a record number of apartments were built.
Zoom in: After a boom in construction during the pandemic, the vacancy rates at apartments in the region spiked. That led to many apartment buildings to offer deals to renters.
- As construction slowed, vacancy rates, however, have improved
Raleigh metro area apartments currently have a 9% vacancy rate, according to the real estate data firm CoStar, which tracks more than 100,000 apartments in the Triangle.
- That is down from a peak vacancy rate of 12.9% in the first quarter of 2024.
Durham metro area apartments now have a vacancy rate of 10.1%, according to CoStar, down from a peak of 12.9% in the second quarter of 2025.
What they're saying: "The multifamily trends in Raleigh and the Triangle generally are similar to, but more pronounced than, national trends," Nick Leverett, director of market analytics at CoStar, told Axios.
- But most recently demand has recovered while the amount of new apartments slowed, Leverett said. That's caused vacancies to moderate in the area.