As Raleigh housing market surges, rental prices also spike 20%

Wake County News

RALEIGH, N.C. (WNCN) — “For Rent” signs are popping up across the Triangle every day, however, as the number of people, jobs and apartments increases, so does the price of housing.

According to Zumper, the average price of a one-bedroom apartment in Raleigh is more than $1,200 a month — that’s up from $1,000 in March of last year, which is a nearly 20 percent increase since the COVID-19 pandemic began.

Dustin Engelken with the Triangle Apartment Association said he thinks the price increases will continue.

While your landlord can’t increase the rent during your lease they can change the terms at renewal time. So, what can be done?

Engelken said expanding the search parameters for a rental could help cut down on costs.

“I think the biggest thing is to be flexible obviously there’s a lot of great neighborhoods around the region, but I would encourage people to really think hard about how badly they need to be in a specific area,” Engelken said.

“I would certainly advise to take your time and think through that decision because you’re certainly going to be getting something that will probably be the top of the market or close to it right now,” he added.

The Wake County Board of Commissioners recently approved a contract with Self-Help Ventures Fund to preserve affordable housing in the area.

The plan will allow the county to purchase properties before they go on the market.

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