Triangle rents at record highs

MEMBER JURY WILL DECIDE WHETHER HE WILL SPEND LIFE IN PRISON WITHOUT PAROLE OR DIE. BACK TO YOU. >>> RENTAL RATES IN THE TRIANGLE ARE AT RECORD HIGHS RIGHT NOW. RENT IS UP 18% IN RALEIGH OVER LAST YEAR, AND IN DURHAM 22%. ADAM OWENS IS LIVE TO TELL US WHERE THINGS COULD GO FROM HERE. >> Reporter: I DON’T KNOW THAT YOU’LL LIKE THE ANSWER TO THE QUESTION. WE’LL GET TO THAT IN A MOMENT. THE REACTION AFTER WE POSTED THIS STORY, IT’S BEEN ROBUST, PEOPLE GIVING PERSONAL STORIES ABOUT HOW TOUGH IT IS IN THE TRIANGLE TO FIND A PLACE THEY CAN AFFORD TO RENT. IT IS DIFFICULT FOR A LOT OF PEOPLE OUT THERE RIGHT NOW. IN RALEIGH, THE MEDIAN RENT PRICE IS $1,508 AND IN DURHAM IT’S $1,605, AN ALL-TIME HIGH SINCE THEY HAVE BEEN KEEPING DATA. THAT’S TOUGH MATH FOR A LOT OF PEOPLE, BUT IT’S DRIVEN BY EASY MATH: PEOPLE WANT TO LIVE HERE. COMPANIES WANT TO BUILD HERE. THEY ARE BRINGING A LOT OF JOBS AND PEOPLE WITH THEM, AND AT THE SAME TIME WE ARE SEEING HISTORIC SLOWS IN AVAILABLE HOUSING. THAT’S DRIVING PRICES AND RENTS UP. NOW FOR THE BAD NEWS, THOSE WATCHING THE MARKET, EXPECT THE SITUATION TO WORSEN HERE IN THE TRIANGLE. >> IF VACANCY RATES STAY WHERE THEY ARE, WE ARE UNLIKELY TO SEE A STABILIZATION OR DECREASE IN THE RENTAL RATES IN THE COMING MONTHS OVER THE WINTER. >> Reporter: THIS IS HARDEST ON FOLKS WHO WERE AT THE LOWER END OF THE RENTAL SCALE. AS A MATTER OF FACT, EARLIER TODAY I SPOKE WITH A WOMAN WHO TAKES CALLS FOR PEOPLE LOOKING FOR RENTAL ASSISTANCE HERE IN WAKE COUNTY AND SAYS SHE TAKES A LOT OF HEARTBREAKING CALLS BECAUSE A LOT OF PEOPLE IN THIS ECONOMY WITH RISING RENTS ARE IN A DESPERATE SITUATION RIGHT NOW. BACK TO YOU.