Overall, the median monthly rental price in the Raleigh area is now $1,591, the Realtor.com report found. That’s an increase of 23.1% year-over-year, according to the data.
WRAL NEWS AVAILABLE ON HULU AND THE WRAL APP. WHEN YOUR TV AND STREAMING DEVICE. >> IT’S NOT JUST HOME PRICES RISING IN THE TRIANGLE. A NEW REPORT SHOWS THE COST TO RENT IN THE RALEIGH AREA IS UP. 23% IN THE LAST YEAR FOR SOME, IT MEANS HUNDREDS OF MORE DOLLARS OUT OF POCKET EVERY MONTH FOR THOSE RELOCATING THE PRICE HIKE IS MADE FINDING A GOOD DEAL. EVEN MORE OF A CHALLENGE. WRAL’S JOE FISHER REPORTS. >> MANY PEOPLE ARE CALLING THIS PRICE HIKE ON RENTALS, UNPRECEDENTED DRIVING. THE INCREASE HERE IS THE HIGH DEMAND FOR RELATIVELY LOW NUMBER OF AVAILABLE UNITS. NOT TO MENTION INFLATION AND THE RISING COST OF CONSTRUCTION ON BIG APARTMENT PROJECTS. NOT ONLY POCO ROBY IS GETTING SETTLED IN HER NEW APARTMENT AFTER GETTING PRICED OUT OF DOWNTOWN RALEIGH. IT’S INSANE. A $400 INCREASE AT THE PEACE, RALEIGH APARTMENTS. IT’S NOT WORTH THE MONEY TO ME. I WOULD RATHER BE OUT HERE AND DRIVE. >> AND HAVE A LITTLE LESS CONVENIENT WITH LOCATION AND THEN. >> PAY THAT MUCH MORE WITH MORE PEOPLE MOVING TO TOWN AND HOUSES HARDER TO FIND THE NUMBER OF RENTALS IS SHRINKING, SENDING PRICES HIGHER THAN EVER, NOT SHE, BUT I LIVED IN NEW YORK IN THE NBC. WHEN I CAME OUT HERE. AND SO IT’S ALL RELATIVE, RIGHT? THE AVERAGE RENT IN RALEIGH IS NOW $1591 A MONTH. THAT’S A 23% INCREASE FROM LAST YEAR. THE AVERAGE ONE BEDROOM IS RUNNING $1471. WE’RE INTO UNCHARTED TERRITORY. >> AND AGAIN, AS MUCH AS THIS IS EXPECTED WAS A TRAUMATIC. WHY WASN’T MOVING FAST? DUSTIN ANGLE CAN WITH THE TRIANGLE APARTMENT ASSOCIATION SAYS THE TIGHT HOUSING MARKET HAS FORCED PERSPECTIVE HOME BUYERS INTO RENTALS. >> AND DESPITE NEW CONSTRUCTION, THE SUPPLY OF UNITS IS LOWER. WE’RE STILL IN A HOLE. AND EVEN AS WE’RE PICKING UP STEAM, THERE’S STILL AN OVERALL SHORTAGE UNIT, SOMETHING WE UNDER BUILT FOR THE LAST DECADE. IT’S ALL FORCING EXISTING RENTERS TO MAKE TOUGH CHOICES SAID IT’S JUST NOT REALISTIC TO SPEND THAT MUCH AROUND LIKE POLK A ROBOT WHO HOPES SAVING MORE MONEY. NOW WILL MEAN BUYING A HOUSE SOON OR JUST MORE COMFORT, HAVING A LOW AROUND. >> AND RIGHT NOW, MORE THAN 15,000 APARTMENT UNITS ARE IN SOME STAGE OF DEVELOPMENT ACROSS THE TRIANGLE. THAT’S THE HIGHEST NUMBER IN NEARLY 20 YEARS. STILL ANGLE CAN SAYS MORE UNITS ARE NEEDED TO MEET THE DEMAND IN THE YEARS AHEAD.
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