But it’s still cheaper to rent an apartment in Greensboro than in the state’s two largest cities, according to a new report from research firm Yardi Matrix.
Greensboro’s monthly rent is also lower than the national average of $1,381, which is up by 2 percent over a year ago, the report says.
Charlotte has the highest rent in North Carolina and is ranked 11th nationally among the top 20 cities, with a monthly average of $1,164, an increase of 3.7 percent over the past year.
Raleigh also is among the most expensive markets in North Carolina with average monthly rent of $1,125. That number was growing more slowly, however, up by 1.2 percent over the past year.
The Triad’s other largest cities offer lower average rents than Greensboro.
Monthly average rent in Winston-Salem was $801 in May, an increase of 3.8 percent.
In High Point, rents are lower still, at $782 for May, up by 4.4 percent in the past year.
The report shows that in Greensboro, studio apartments rent for $592 a month, while one-bedroom apartments ask on average $711 a month; the average rent for a two-bedroom apartment is $817.
Even if rents are rising in Greensboro, they’re far more affordable than the most expensive cities in the country.
In Manhattan, for example, the average rent is more than $4,000 a month. Overall, prices in 16 out of the 20 cities with the largest numbers of rental apartments — called mega-hubs — climbed faster than the national average.
The cheapest place to rent is Wichita, Kan., with a monthly average of $634.
The group analyzed rent data across 250 cities in the U.S. The report is based on apartment data related to buildings containing 50 or more units. It included cities with populations over 100,000 and a rental stock of at least 2,900 apartments.