All Forum Posts by: Benjamin Carver

Honestly? The Raleigh market is not great for flipping right now. NOT saying you can't do it here but our appreciation and demand influx is making it very difficult to find a solid property with enough spread, while competing with capital from both local investors and all the California type investors who've been focusing in on the Triangle the last several years here.

Raleigh is great for buy and hold appreciation, short term rentals do pretty well here, and so do other creative strategies like rent by the room, student housing, furnished rentals, etc.

If you really want to flip here you got to source your own deals, do a ton of outbound volume, and or check out the very outer markets like Fayetteville or more toward the Greensboro markets. Best of luck!

^ furnished MTR is the best squeeze IMO without running into HOA - related issues and too much active management headaches.

Hey Brett, I do STR and work with investors here in Raleigh. It HIGHLY depends on the location, house features, and what your actual goals are. I'm going to send you guys a PM, if you want to chat more about what it would look like to rent it out different ways

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