Carolina Square
123 W Franklin St,
Chapel Hill, NC 27516
$1,670 - $6,825 | Studio - 4 Beds
Downtown Chapel Hill
Chapel Hill, NC
Downtown Chapel Hill - Chapel Hill, NC
Area Guide
Here's where North Carolina meets the world
Walkable
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Shops
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Restaurants
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Events
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Urban
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Downtown
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UNC
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Bicycle-Friendly
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There's a lot happening in Downtown Chapel Hill -- restaurants, shops, art galleries, museums, and (of course) the University of North Carolina at Chapel Hill. Downtown starts at the university and extends north and east past Franklin Street, the main drag through downtown. As the heart of the neighborhood, Franklin Street has it all -- great boutiques, trendy restaurants, brick-paved sidewalks, bike racks, mature trees, and a dash of history to tie it all together.
The neighborhood's seamless blend of public art and open green space help create the fun, funky atmosphere that sets the perfect backdrop for the live concerts, art walks, outdoor movie nights, and pub crawls that take place here. Some must-see events include Festifall Arts Festival, an exciting event that includes an artists' market, live music, food, hands-on activities, and more. Being so close to UNC, Downtown Chapel Hill also hosts events like Tar Heel Downtown, a rollicking event that takes places before the first home game and involves the Tar Heels cheerleaders and marching band.
Rent Trends
As of March 2025, the average apartment rent in Downtown Chapel Hill is $1,670 for a studio, $2,050 for one bedroom, $3,253 for two bedrooms, and $4,288 for three bedrooms. Apartment rent in Downtown Chapel Hill has increased by 2.3% in the past year.
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Studio
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578 sq ft
Average Sq Ft
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$1,670/month
Average Rent
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1 BR
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688 sq ft
Average Sq Ft
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$2,050/month
Average Rent
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2 BR
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1,048 sq ft
Average Sq Ft
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$3,253/month
Average Rent
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3 BR
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1,410 sq ft
Average Sq Ft
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$4,288/month
Average Rent
Transportation
76
Very Walkable
out of 100 WalkScore® Rating
If you enjoy walking, you’ll enjoy renting in this area! It’s a very walkable neighborhood.
59
Good Transit
out of 100 TransitScore® Rating
The area around this property has good transit with many nearby transportation options.
86
Very Bikeable
out of 100 BikeScore® Rating
This area is very bikeable. You’ll find a variety of bike paths and lanes.
Points of Interest
Shopping Centers
Parks and Recreation
- Morehead Planetarium & Science Center
- KidZu Children's Museum
- Coker Arboretum
- North Carolina Botanical Garden
- Piedmont Wildlife Center
Military Bases
Airports
- Raleigh-Durham International
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2025.