Wake Forest, North Carolina Short-Term Rental Market
Wake Forest, NC short-term rentals averaged $159/night at 66.8% occupancy in June 2026.
Quick Answer: Wake Forest, North Carolina is an active short-term rental market. average occupancy is 67%. average monthly revenue is $2,964. average daily rate is $159. the top operator is Evolve with 106 listings. market score is 88/100 (grade A).
Market data reflects the Raleigh/Durham regional market, which includes Wake Forest. Regulations, taxes, and permit details below are specific to Wake Forest.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Wake Forest’s short-term rental market posted a $159 average daily rate and 66.8% occupancy in June 2026, generating $2,964 in average monthly revenue per listing. This is the most affordable market in this comparison batch by nightly rate, reflecting Wake Forest’s position as a Raleigh-suburb market rather than a resort destination. By property type, houses averaged $3,192/month, entire-place listings $3,285/month, and apartments $2,458/month. Year over year, occupancy rose 0.75 percentage points, ADR rose 3.0%, and average revenue rose 3.2%, a rare case in this batch of all three metrics moving in the same positive direction.
The market carries roughly 7,900-7,950 active listings, the third-largest supply base among the markets processed in this batch. The bedroom mix skews small: 3,077 one-bedroom units (39% of supply), 1,874 two-bedroom, 1,991 three-bedroom, 729 four-bedroom, and 251 five-bedroom. Entire-place listings account for 6,456 of the market (about 81%), with 1,470 private rooms and 21 shared rooms, the highest private-room share seen in this batch, consistent with a suburban market where owner-occupied spare-room rentals are more common than in resort towns.
Wake Forest sits just north of Raleigh in the Research Triangle, and most visitation is regional day-trip and short-stay travel tied to the historic downtown, Southeastern Baptist Theological Seminary, and Falls Lake State Recreation Area, rather than a distinct resort market. Its rental demand score of 92.07 and seasonality score of 94.20 (both out of 100, both the highest in this batch) point to strong, steady, year-round demand.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 55% | $104 | $1,664 |
| Feb | 63% | $109 | $1,738 |
| Mar | 65% | $116 | $2,058 |
| Apr | 63% | $123 | $2,090 |
| May | 63% | $131 | $2,231 |
| Jun | 68% | $125 | $2,330 |
| Jul | 70% | $115 | $2,196 |
| Aug | 68% | $113 | $2,161 |
| Sep | 65% | $114 | $1,991 |
| Oct | 68% | $121 | $2,303 |
| Nov | 64% | $121 | $2,089 |
| Dec | 59% | $116 | $1,969 |
Top Short-Term Rental Operators in Wake Forest
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 106 | 3,065 | ★ 4.52 |
| 2 | Coveted Hospitality | 99 | 1,152 | ★ 4.18 |
| 3 | Landing | 91 | 10 | ★ 3.72 |
| 4 | Landing, Inc. | 74 | 174 | ★ 4.55 |
| 5 | Triangle short term rentals | 69 | 1,400 | ★ 4.78 |
What Kind of STR Should I Buy in Wake Forest?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 3,077 |
| 2 bed | 1,874 |
| 3 bed | 1,991 |
| 4 bed | 729 |
| 5 bed | 251 |
ADR by Property Tier
| Entire Home | $175 |
| Luxury | $257 |
| Professionally Managed | $174 |
Revenue by Dwelling Type
| Apartment | $2,458 |
| Entire Place | $3,285 |
| House | $3,192 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 61.1% |
| vrbo | 4.7% |
| both | 34.2% |
Investment Analysis
Housing valuation data was not available in the latest snapshot for Wake Forest, so a home-price-based yield calculation cannot be computed here; investors should pull current comps directly given the town’s fast suburban growth.
Rate tiers show a similar upward ladder to elsewhere in this batch: the all-listings ADR of $159 rises to $175 for entire-home-only rentals, $174 for professionally managed listings (essentially matching entire-home ADR, unlike markets where management adds a larger premium), and $257 for the luxury tier (62% above the all-listings average). That flatter management premium suggests less differentiation between self-managed and professionally managed listings here than in resort markets, likely because Wake Forest’s rental base skews toward standard suburban homes rather than amenity-heavy vacation properties.
The market’s revenue growth score is 66.00 out of 100, middling relative to this batch, but its rental demand score of 92.07 and seasonality score of 94.20 (the strongest of any market processed) indicate consistent, low-volatility demand tied to Triangle-area travel rather than a single peak season. There is no STR permit or registration requirement in Wake Forest today (permit_required is false), though the town is undertaking a full rewrite of its Unified Development Ordinance (draft circulated December 2024, revisions ongoing through 2026), which could change how lodging uses are zoned, and investors should track that process before committing capital.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Wake Forest guests book an average of just 35.9 days ahead of arrival, the shortest lead time of any market in this batch and less than half of what beach and lake markets in this comparison set see. That short window is consistent with Wake Forest’s role as a regional, Triangle-area destination for short-notice trips, visits to relatives, seminary/university travel, and event-driven stays rather than long-planned vacations.
Average length of stay is 5.1 nights, the longest in this batch despite the short booking window, suggesting guests who do book tend to stay for an extended visit once they commit, perhaps reflecting relocation-related or extended-visit stays common in a fast-growing Raleigh suburb. For owners, the short lead time means less advance pricing certainty than resort markets, favoring more dynamic, closer-to-arrival pricing strategies, while the longer average stay reduces per-stay turnover costs relative to markets with frequent 2-3 night bookings.
Short-Term Rental Regulations
Short-term rentals are legal in Wake Forest, and there is no dedicated town STR ordinance or registration/permit program that could be verified (permit_required is false). Regulation is governed instead by the town’s Unified Development Ordinance, which distinguishes residential from lodging uses and allows short-stay lodging depending on the property’s zoning district, plus North Carolina state law. As in much of North Carolina, the operative legal backdrop is Schroeder v. City of Wilmington (2022), in which the NC Court of Appeals struck down municipal STR registration and lottery requirements, holding that cities may regulate land use through zoning but cannot impose business-registration or licensing schemes on short-term rentals.
There is no owner-occupancy requirement, no primary-residence requirement, and no published maximum-nights-per-year cap. The tax obligation is Wake County’s 6% Room Occupancy Tax, which explicitly covers Airbnb, Vrbo, and similar platforms, plus North Carolina state and local sales tax (state rate 4.75%). Enforcement is rated minimal, hinging on zoning compliance and HOA covenants rather than a licensing regime.
Note that Wake Forest is currently rewriting its Unified Development Ordinance (a draft circulated in December 2024, with revisions ongoing through 2026), which could change how lodging and STR uses are zoned going forward, and investors should track that process. Also note that the City of Raleigh, a separate jurisdiction with its own stricter STR zoning-permit rules, should not be assumed to apply inside the Town of Wake Forest.
Market Comparison
At 66.8% occupancy and a $159 ADR, Wake Forest runs above the roughly 55% occupancy of typical US short-term rental benchmarks but below the roughly $220 national median ADR, a market defined more by steady utilization than by premium nightly rates. Its rental demand score of 92.07 and seasonality score of 94.20 (both out of 100) are the highest of any market in this batch, underscoring consistent, low-volatility, year-round demand tied to Triangle-area travel.
Property management here is highly fragmented compared with most of this batch: the top 5 managers control just 5.5% of total supply, among the lowest concentration levels in this comparison set (only Sandusky, at about 5%, is lower). Evolve tops the list with 106 listings (3,065 reviews, 4.52 rating), followed by Coveted Hospitality (99 listings, 4.18 rating) and two Landing-branded entries (Landing and Landing, Inc., a combined 165 listings, likely the same corporate parent listed under two names). Triangle short-term rentals rounds out the top 5 with 69 listings and a strong 4.78 rating.
Frequently Asked Questions About Wake Forest, North Carolina
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