Raleigh real estate market for rental investors

Raleigh-Cary has some of the strongest job and population growth in the country, built on state government, NC State, health systems, software, and a wave of drug-manufacturing plants. The properties that fit sit at the low end of the market's prices, where rent covers the loan with room to spare.

Reviewed by Patrick Roach

Raleigh-Cary covers Wake, Johnston, and Franklin counties and about 1.6 million people. Employment rose 2.3% in the year to September 2026, against 0.32% nationally, and population grew 2.36% in a single year. Novo Nordisk, Genentech, Amgen, and FUJIFILM are building or expanding drug plants in Clayton and Holly Springs. Single-family rents rose 1.99% in the year to September 2026, against 3.13% nationally, and the typical single-family property earns a 5.86% gross yield, against 7.39%. For a rental owner, that means buying well below the typical price.

What’s changing in Raleigh, NC

Dated announcements that bring jobs. Announced means planned, and operating means people work there now.

  1. Under constructionJune 24, 2024

    Novo Nordisk builds a second fill-finish plant in Clayton

    $4.1 billion; 1,000 permanent jobs plus an estimated 2,000 construction jobs; phases finish 2027 to 2029

    What it means for rentersConstruction trades come first and many of them rent near the site in Johnston County. The permanent plant jobs follow as each phase opens, and suppliers and service firms grow around them.

    Source: ABC11
  2. AnnouncedNovember 18, 2025

    Vulcan Elements picks Benson for a magnet factory

    $918.1 million; 1,000 jobs; the release gives no construction or hiring dates

    What it means for rentersBenson in Johnston County is a short drive from Raleigh. Construction crews, equipment suppliers, and later production staff will rent in the south side of the metro. The jobs are an announcement with no published schedule.

    Source: NC Commerce
  3. Under constructionDecember 11, 2025

    Novartis breaks ground on a Research Triangle expansion

    $771 million across Durham and Wake counties; more than 700 jobs; new construction plus renovation, nearly doubling its footprint to over 700,000 square feet

    What it means for rentersConstruction trades arrive first. Plant operators, quality staff, and engineers follow, and many of them rent for a year or two before buying. The release gives no completion date.

    Source: NC Governor
Show all 6 announcements
  1. Under constructionAugust 2025 groundbreaking

    Genentech builds a larger plant in Holly Springs

    $2 billion; more than 500 jobs at an average wage of $119,833

    What it means for rentersWell-paid plant jobs in southern Wake County add rental demand in Holly Springs, Fuquay-Varina, and nearby towns, mostly from people who rent first after moving in.

    Source: NCBiotech
  2. Under constructionFull operation targeted for 2032

    Amgen ramps up its Holly Springs site

    $1.5 billion-plus; about 700 jobs at full operation

    What it means for rentersAmgen, Genentech, and FUJIFILM are clustered within a few miles, which draws equipment suppliers and contractors who hire locally too.

    Source: NCBiotech
  3. AnnouncedJune 24, 2025

    BuildOps opens an operations hub in Raleigh

    291 jobs at an average salary of $110,997, against a Wake County average of $76,643; $771,200 investment

    What it means for rentersSoftware and support jobs at these wages add renters in the upper middle of the market. The release gives no hiring schedule.

    Source: NC Commerce
Who rents here

The institutions that fill rentals in Raleigh, NC

  • University39,219 students (fall 2026); 10,160 faculty and staff (fall 2025)

    NC State University

    The largest university in the metro.

    Source: NC State
  • EmployerMore than 2,500 North Carolina employees (2024), with 1,000 more planned

    Novo Nordisk

    Building a $4.1 billion plant in Clayton, Johnston County.

    Source: ABC11
  • EmployerAbout 700 jobs at full operation in 2032

    Amgen Holly Springs

    A $1.5 billion-plus drug substance plant in Holly Springs.

    Source: NCBiotech
  • EmployerMore than 500 jobs planned, average wage $119,833

    Genentech Holly Springs

    A $2 billion fill-finish plant under construction.

    Source: NCBiotech

What Lineage looks for in Raleigh

Raleigh's demand is strong, so the work is finding a price the rent can carry. The properties that fit are priced well below the typical value, under even the lower third of the market. They are newer construction and renovated properties, mostly in outer parts of the metro. Johnston County sits close to the drug plants going up in Clayton and the magnet factory announced for Benson, and unincorporated Johnston carries a tax rate of about 0.625%, against 0.867% inside Raleigh. Rental vacancy runs above the national rate here, so every property comes with a tenant vetted by a licensed property manager on a signed 12-month lease before close, plus a flood zone check and an inspection Lineage orders.

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By the numbers

Raleigh, NC against the national figure

The seven measures Lineage checks in every market, each beside the national figure for the same period.

  • Rent to price (gross yield)

    below national
    Raleigh, NC
    5.86%
    National
    7.39%

    On a $2,114 typical rent and a $432,554 typical value, the properties that fit sit below even the lower third of the market, at about $302,500.

    Zillow ZORI and ZHVI, single-family · September 2026

  • Rent growth

    below national
    Raleigh, NC
    +1.99%
    National
    +3.13%

    Rents are rising more slowly than the nation while new apartments lease up.

    Zillow ZORI, single-family · September 2026

  • Jobs and population

    above national
    Raleigh, NC
    Jobs +2.3%; population +2.36%
    National
    Jobs +0.32%; population +0.5%

    Demand is among the strongest of any large metro, across government, health, construction, and services.

    BLS CES (preliminary); Census Vintage 2025 · September 2026 (jobs), July 2025 (population)

  • Vacancy and new supply

    above national
    Raleigh, NC
    8.43%
    National
    5.54%

    Apartment vacancy fell to 9.4% from 11.4% as new buildings filled, but about 7,395 more units were under construction in mid-2026.

    Census ACS 2020-2024; Lee & Associates on CoStar data · 2020-2024 average; Q2 2026 (apartments)

  • Landlord law

    favorable

    10-day demand

    Uncontested evictions run about three to six weeks, deposits are capped at 1.5 to 2 months' rent, and state law bars rent control and local rental registration.

    N.C. Gen. Stat. Chapter 42 (42-3, 42-51, 42-14.1) · November 2026

  • Insurance

    near national
    Raleigh, NC
    $3,075 a year (+5%)
    National
    $3,057 (+4%) a year (owner-occupied)

    Lineage sees $1,400 to $1,900 a year on a typical rental, and North Carolina's settled dwelling (landlord) rates rise 5% on October 1, 2026 and again on October 1, 2027.

    Insurify 2026 home insurance price projections (state and national averages); NC Department of Insurance · 2026 projection

  • Property management depth

    favorable
    Raleigh, NC
    8% to 10% fees
    National
    10% to 12% fees

    Raleigh has a deep local bench, including managers with 1,500+ properties, so investors have a real choice of managers.

    Lineage operator research; Lineage benchmark for a typical market · October 2026

Owning here

Law, taxes, and insurance

Landlord law in North Carolina

North Carolina lets a landlord end the lease when rent stays unpaid 10 days after a written demand, and many leases waive the demand. A magistrate hears the eviction case within days of filing, the tenant has 10 days to appeal, and the sheriff carries out the order within five days, so an uncontested case runs about three to six weeks. Deposits are capped at 1.5 months' rent on month-to-month leases and two months on longer leases, and are returned within 30 days. Rent control is banned statewide.

Taxes and insurance

North Carolina taxes rental property at the same rate as an owner's residence. Inside Raleigh, a property bought at market price pays about 0.867% of its price this year. Wake County revalues as of January 2027, and the bill on a purchase is expected to be about 0.909% from July 2027, well below the 1.504% national average. Unincorporated Johnston and Wake run about 0.625% and 0.660%. Insurance for a typical rental property runs $1,400 to $1,900 a year, and North Carolina's settled landlord policy rates rise 5% on October 1, 2026 and again on October 1, 2027.

Risks

What to weigh before you buy

  • Prices relative to rents

    The gross yield is 5.86% against 7.39% nationally, and Zillow forecast values down 0.5% over the next year as of September 2026.

  • Rental vacancy and new apartments

    Rental vacancy is 8.43%, against 5.54% nationally. About 7,395 apartment units were under construction in mid-2026, and apartment permits were up 8.2% in the first eight months of the year.

  • Timing of life-sciences hiring

    Most life-sciences hiring lands between 2027 and 2032, and Apple's planned Research Triangle Park campus has been on hold since 2024.

FAQ

Questions investors ask

Is Raleigh a good place to buy rental property?

Raleigh has some of the strongest job and population growth in the country, and the properties that fit are priced well below the typical value, mostly in outer parts of the metro such as Johnston County. At the typical price, rent does not cover the loan payment with room to spare. The typical single-family property earns a 5.86% gross yield against 7.39% nationally, and rental vacancy runs above the national rate.

What is the average rent in Raleigh?

Zillow's single-family rent index put the typical single-family rent in the Raleigh-Cary metro at $2,114 a month in September 2026, up 1.99% from a year earlier, against 3.13% nationally. Apartment rents in the City of Raleigh run lower and fell about 1.1% over the year.

Is North Carolina landlord friendly?

Yes. A landlord can end the lease when rent stays unpaid 10 days after a written demand, an uncontested eviction runs about three to six weeks, deposits are capped at 1.5 to 2 months' rent, and rent control and local rental registration are barred by state law.

What new plants are coming to the Raleigh area?

Novo Nordisk is building a $4.1 billion plant in Clayton with 1,000 jobs, phased from 2027 to 2029. In Holly Springs, Genentech is building a $2 billion plant with more than 500 jobs, and Amgen expects about 700 jobs at full operation in 2032. FUJIFILM is also building a large plant there.

How much are property taxes on a Raleigh rental?

Inside Raleigh, a property bought at market price pays about 0.867% of its price this year and about 0.909% after Wake County's 2027 revaluation takes effect. Unincorporated Johnston County runs about 0.625%. All are well below the 1.504% national average.

Sources and method

Reviewed October 2026 by Patrick Roach. Every market figure is paired with a national figure for the same period. Figures were current at review and will change. This page is research, not investment advice.

Keep reading

Show all 16 sources
  1. Zillow Research, ZORI single-family rent index Accessed 2026-11-13
  2. Zillow Research, ZHVI single-family value index Accessed 2026-11-13
  3. Census Bureau, ACS 2020-2024 5-year estimates Accessed 2026-11-13
  4. Lincoln Institute of Land Policy, 50-State Property Tax Comparison Study, 2025 Accessed 2026-11-13
  5. Insurify, 2026 home insurance price projections Accessed 2026-11-13
  6. BLS, Raleigh-Cary Economy at a Glance Accessed 2026-11-13
  7. NC State, Fast Facts Accessed 2026-11-13
  8. ABC11, Novo Nordisk Clayton investment Accessed 2026-11-13
  9. NCBiotech, Genentech Holly Springs investment Accessed 2026-11-13
  10. Lee & Associates, Q2 2026 Raleigh multifamily Accessed 2026-11-13
  11. Wake County, revaluation cycle Accessed 2026-11-13
  12. NC Department of Insurance, dwelling rate settlement Accessed 2026-11-13
  13. N.C. Gen. Stat. 42-51 Accessed 2026-11-13
  14. NC Commerce, Vulcan Elements selects Johnston County Accessed 2026-11-13
  15. NC Governor, Novartis groundbreaking in the Research Triangle Accessed 2026-11-13
  16. NC Commerce, BuildOps creates 291 jobs in Raleigh Accessed 2026-11-13
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