How many renters live in Wake Forest, North Carolina?
The City of Wake Forest has people living in households.
There are renters living in renter households in this City. Renters make up 22.25 percent of the population living in Wake Forest.
What is the rental market like in Wake Forest, North Carolina?
There are an estimated housing units in the Wake Forest area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Wake Forest, North Carolina, there are 1.08 rental units.
What is the vacancy rate for rentals in Wake Forest?
The rental vacancy rate in Wake Forest is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Wake Forest for each bedroom size?
Occupied Rental Units by Size in Wake Forest
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 130 | 766 | 2,296 | 769 | 339 |
Occupied Rental Units by Size in Wake Forest
A large number of apartments in Wake Forest have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Wake Forest
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,427 to $2,711. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,427 |
| One BR | $1,466 |
| Two BR | $1,646 |
| Three BR | $2,035 |
| Four BR | $2,711 |
2024 Fair Market Rents in Wake Forest, North Carolina
How many units are rented at Fair Market Rent (FMR) in Wake Forest?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 104 | 80 percent |
| One BR | 575 | 75 percent |
| Two BR | 1,396 | 61 percent |
Rental Units Below FMR in Wake Forest, North Carolina
How many affordable rental units are in Wake Forest?
There are a variety of federal affordable housing programs serving households in Wake Forest, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 202 Supportive Housing for the Elderly | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Wake Forest, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Wake Forest, North Carolina
Wake Forest features 215 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Wake Forest, North Carolina
There are 416 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wake Forest.
Housing Choice Vouchers in Wake Forest, North Carolina
On average, Section 8 Housing Choice vouchers pay Wake Forest landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Wake Forest.
The maximum amount a voucher would pay on behalf of a low-income tenant in Wake Forest, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.
Sourced from federal housing data and AffordableHousingOnline.com research.