All Forum Posts by: Benjamin Carver

What's Happening to Raleigh-Durham NC Short-Term Rentals? Updated Airdna Data

Demand and Revenue Are Up

Demand for short-term rentals in Raleigh-Durham is seeing a strong uptick. Occupancy rates have risen to 55%, a 5% increase from the previous year, signaling that more guests are booking and staying in the area. Alongside this, Revenue per Available Listing (RevPAR) has also increased by 7%, bringing the average to $96.08. The Average Daily Rate (ADR) now sits at $173.45, up 2% year-over-year.

What does this mean for investors? More guests are booking, they’re paying slightly more for their stays, and listings are overall earning more. This highlights that the market is seeing stronger performance and increasing demand—especially as visitors flock to Raleigh-Durham for both leisure and business purposes with RTP. 

Is the Triangle TOO Saturated?

With 4,443 active listings in the Raleigh-Durham area, the market has seen a 13% increase in supply over the past year, indicating growing interest but also more competition. However, demand remains strong, evidenced by the data above, showing the market is absorbing new listings.

One key factor to consider is that 43% of listings are available for only 1-90 nights per year, suggesting many STRs are short-term and not year-round competitors.

While the market is growing, it's not overly saturated if investors are strategic about pricing, targeting the right guests, and offering a unique experience.

What Types of Rentals Are Working Best in Raleigh-Durham?

With over 4,443 active short-term rental listings in the Raleigh-Durham market, not all listings are created equal. Here’s what’s outperforming:

• 80% of listings are entire homes, and I believe rent by the room short term rentals are still widely underserved.

• Entire places generate $31.5K/year in revenue on average (vs. $22.4K for apartments or $27.9K overall).

• RevPAR (Revenue Per Available Rental): $96.08, up 7%

• 1-bedroom units: 39% of the market

• 2-bedroom: 23%

• 3-bedroom: 25%

These units hit the sweet spot for traveling professionals, couples, and small families—providing value and space without overwhelming costs.

• Professionally Managed: $208.42 ADR (up 4%) vs. market avg $173.45

How STR Investors Can Still Win in Raleigh-Durham

With an Investability score of just 31, it’s clear cash-flowing deals are harder to find. Overpaying is a fast track to disappointment and you have to be much pickier about the property and the LOCATION.

That Seasonality score of 93 is gold—capitalize by marketing your STR for both:

• Leisure travel (weekend getaways, events, family visits)

• Business/professional stays (hospitals, universities, tech & pharma)

The average guest stay is just 3.3 days, with a 38-day booking lead time, so:

• Nail your pricing strategy with dynamic tools

• Use strong visuals, instant booking, and clear cleaning protocols

• Turnover needs to be FAST, Consistent, and same-day

• Final Thoughts

  The Raleigh-Durham STR market isn't dying—it's maturing. Investors who adapt to the data, optimize their operations, and stay sharp on regulations are still seeing cash flow and long-term upside.

  Want help evaluating an STR deal in Raleigh? Let's connect

Bedroom rates furnished MTR/LTR going around $1k/mo/pop and STR seeing about $1.2k/mo/op. Do you have a bonus room or loft that could be a 3rd bedroom by chance?

Most townhomes won't allow STR and typically require a lease handed in to the HOA for approval. Most HOA say they don't allow multiple unrelated people in a townhome, and turning in 2-3 leases won't fly. So you'd likely have to do a master lease through one person for show, a little tricky there.

It would be helpful to look at your specific HOA bylaws. Sending a PM if you want to chat more

I hardly think your appreciation is running dry by any means, more stabilizing. Still a seller's market, about 2.5mo of inventory. Getting close to the time of year where Cary ramps up for end of school, and prices climb, inventory climbs - good time to sell if you're going to at that 2 year mark. Cary is still competitive in my experience and still not near enough inventory over there, keeps demand high. 

What you have to ask yourself is what will the numbers look like as a rental if you keep it, how much are you losing versus gaining in appreciation in loan paydown? And what would rates need to drop to for you to at least breakeven. Breakeven in your part of Cary is not a bad investment IMO. Happy to chat more, you should definitely get multiple opinions while weighing your decision - and you're in the right place.

Heading into April 2025, here is where the Raleigh real estate market stands and its impact on investors:

Key thing to point out, median sales price is up 9.6% year over year! Appreciation continues to be strong. And this is pulled directly from the local MLS.

Future Appreciation:

This is anyone's guess, but here's what I do know.

According to Census data... Between 2022 and 2023, Raleigh's population increased by 1.9%, making it the third fastest-growing big city.

Realtor.com anticipates a 9% increase in median home prices this year with only a 2% increase in volume.

How Competitive is Raleigh right now?

Interestingly enough, our month's supply is up 35% YOY and right near that average for last year, so there are lower prices and more options right now.

Homes go for right around 96.8% of original list price (a 1.4% decrease YOY), and sit for 2 weeks longer than last year's average. These are signs that Raleigh's market is somewhat stabilizing. Buyers get more negotiation power, have better luck getting credits or repairs, and have better odds at making a deal work.

How are Rents?
Raleigh-wide the median rent is $1850 across all property types. This number is flat with the median rent for the previous 12 months. Not great.

According to airdna.co STR rents keep climbing on the other hand, up 8%

This is why I've been focusing more on STR/MTR and other creative real estate investing strategies that give me higher cashflow. But cash buyers are still doing just fine buying strong-appreciation properties in prime locations for buy and hold.

Hope this data is helpful in your research and investing! 

Hey Mike! Raleigh investor here focused on short term rentals and creative real estate investing - harder but not impossible to cashflow here

Hey everyone! This has been cancelled due to weather! See everyone next month

Hey! What's up. I'm house hacking in North Raleigh - happy to hop on a call and chat real estate. Sending you a PM

Hi BP Community!

Come join our community of like-minded real estate investors who are actively investing or planning to invest with airbnb, student housing, house hacking, and other creative real estate investments right here in Raleigh-Durham North Carolina

This month's speaker is co-host Ethan Blackburn - a real estate agent and local BRRRR investor. Ethan will be discussing inspection reports, what they look like, how to interpret them and negotiate well with your deals!

We are meeting February 20th, Thursday at 6:30p in North Raleigh and you don't want to miss it!

RSVP here: Raleigh Creative Meetup - Feb

Every year realtor.com releases a Top Housing Markets report based on anticipated sales growth (inventory) and price growth (appreciation). I find this data super interesting, and took the opportunity to dive into their 2025 edition this week.

Nationwide they say we can expect:

• Average mortgage rates of 6.3%, with rates edging down over the year to reach 6.2% by the end of the year.
• Home prices will grow by 3.7% across the US, which is pretty modest. It does beat the expected inflation rate of 2% set by the Fed.
• Rents will remain about the same

What’s interesting is they also expect:

• A 11.7% increase in existing home inventory followed by Single-family new home starts growing at an impressive 13.8%. Make sense with our need for inventory nationally, but this is also very market dependent.

     Months' supply, a key market balance indicator, is expected to improve from a 3.7 month average in 2024 to 4.1 months in 2025. Anything under 4 is             typically considered a seller's market, while 4 to 6 months of supply is typically considered a balanced market.

There are over 100 major cities on this list - I wanted to see how Raleigh and Durham stacked up (and North Carolina overall). Here were the results:

Sales Growth: As you can see, Raleigh and Durham are VERY different in terms of Existing Home Sale Counts YoY. They anticipate only a 2.2% increase for Raleigh, while Durham are slated to increase dramatically. In fact, Durham is in the top 25 on this list for sales growth, and Raleigh is 84th. 

Price Growth: 3% is the baseline here nationally. 2% is the fed target rate for inflation. Both of these cities (and Charlotte) are looking at very competitive price growth this year. The Triangle has been repeatedly voted one of the top places in the US. And North Carolina at large has become a popular pick for both investors and relocators over the last half a decade or so. All 3 cities show a 7-11% decrease in home sale counts over the 2017-2019 average, so we still have plenty of catching up to do in terms of housing supply - much harder to do when you're growing fast.

Durham and Charlotte are set to make large strides toward that goal - but Raleigh is barely budging. Why is that? For one, Raleigh is largely built out. New construction in the city limits is increasingly hard to find and increasingly expensive. A lot of what you'll see here is older homes in desirable areas and that scarcity keeps price growth high while keeping sales growth low. People are more likely to buy and stay here, versus move around. 

What this tells me is Raleigh is likely better for long-term, conservative investments due to steady value growth. There's no massive swings going on here, just consistent growth. As far as resale goes, you see less competition and a higher certainty of long-term appreciation. 

Durham on the other hand is a great opportunity for investors seeking more short-term growth, more options, and higher likelihood of cashflow. And it has been gaining recognition as a vibrant, desirable place to live, especially for younger professionals and first-time buyers. You can get in while prices are still relatively low and watch as it grows quickly over the next few years. But it's rapid price growth and sales activity could indicate a more volatile market, with the potential for corrections if demand slows as affordability becomes an issue. So buying the right location will become increasingly important here to protect you in the long-term

Food for thought. Would love to hear how others interpret this report and what your investing strategy is for 2025.

Hey there, I'm in Raleigh-Durham in North Carolina. Cashflow isn't easy here but appreciation is super strong. If you're interested in that and open to a little creativity and work. Feel free to reach out always happy to jump on a call