Rents are 8% below what Wake Forest's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,798 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Wake Forest usually run 1% below trend in January and 0.9% above it in August, about $34 a month apart at today's median. Based on 10 years of data.
Rent in Wake Forest is at its highest level since Zillow's records here began in January 2016.
Rent in Wake Forest changed +3.3% over the year to September 2026. Across the 94 North Carolina cities Zillow tracks, the typical change was +2.9%.
From 2019 to 2024, rent in Wake Forest rose 35.7% while median household income rose 34.3% ($92,210 to $123,802). Rent outpaced income.
Rent in Wake Forest is 37.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 6 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($123,802) is $3,095 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,980).
Raleigh, 12 miles away, rents for 13% less ($1,572/mo), about $2,700 a year in savings.
From Zillow's monthly rent index (ZORI) for Wake Forest. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Wake Forest, NC is majority owner-occupied, has a large share of families with children, has a median income above the national average, 59.5% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Wake Forest, NC has changed in 5 years
Compared with 2021, rent in Wake Forest, NC has climbed by $369 per month, settling near $1,798 after starting the period at $1,429. Median household income grew from $104,006 to $123,802 between 2021 and 2024, a 19.0% shift. Rent outpaced income growth by roughly 6.8 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 46,387 to 52,844 between 2021 and 2024, a 13.9% change. About 26% of households rent today, against 28.7% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 55.7% to 59.5%. Taken together, the five-year picture in Wake Forest, NC reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Can you afford rent in Wake Forest on your salary?
At $1,798/mo, how Wake Forest rent compares to typical pay (30% rule).
Wake Forest rent by bedroom count
Median rent for each apartment size in Wake Forest. Click any size for full breakdown.
Tips for renters in Wake Forest
Last updated: October 17, 2026
The median rent in Wake Forest is $1,798/mo as of October 2026. A studio apartment averages $1,560/mo while a 2-bedroom runs $1,790/mo. One-bedroom apartments average $1,620/mo and 3-bedroom units go for $2,230/mo.
At 17% of local median household income ($123,802/yr), Wake Forest ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.3% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Wake Forest?
At $1,798/mo, rent takes ~17% of Wake Forest's median household income ($123,802/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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