Updated 2026 · Based on median market data for Elizabeth City, NC
The median monthly rent in Elizabeth City, NC is $1,490, translating to $17,880 in annual gross rental income per unit. The rent-to-price ratio is 0.57% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Elizabeth City spend approximately 31% of the local median household income ($58,267) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Elizabeth City is 5.3%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 1.5% annually is actively adding rental demand.
Elizabeth City's GRM (price divided by annual rent) is 14.5x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,490/mo, a single-family rental in Elizabeth City generates approximately $17,880 in gross annual income. After accounting for 5.3% vacancy ($948 lost), property taxes of $2,028, insurance (~$1,040), and maintenance (~$1,040), the estimated NOI is $12,824 per year, or $1,069/mo.
Elizabeth City vs North Carolina state average and national average across key investment metrics. Elizabeth City outperforms both benchmarks on cap rate.