RALEIGH, N.C. (WNCN) – A consumer price index report from the labor department shows inflation is still high, which could impact people renting.
Rent prices are starting to come down after record levels last year, something that is good news for resident Kallie Szabo.
“I moved here from L.A. actually so they were getting kind of comparable to California prices for a second, but they’re getting better now,” Szabo said.
But could the slowdown continue?
The Federal Reserve is now expected to ultimately raise interest rates, with the goal of bringing down inflation.
John Kilpatrick of Greenfield Advisors, a real estate company in Seattle, said there might be little hope for negotiations for most renters in North Carolina.
“It’s very, very tough in the large apartment complexes to get a price break,” Kilpatrick said. “If you’ve been in it for a couple of years, the apartment complex knows that if you leave they are going to have to come in and paint and clean and that sort of thing, so you may have some room for negotiation for updated appliances.”
He also said you can ask for a room on a better floor. But, for those renting homes negotiating is a little easier.
“You’ve been a good tenant, if you’ve been paying every month and the landlord comes along and says ‘well I’m going to raise the rents by 10 percent this year’, you may be able to go to the landlord and say ‘gosh I’ve been a good tenant, how about only 5 percent?'”
Dimitri Christie is a real estate broker in Raleigh. He said another tip is to lengthen your lease to save money.
“If you go past the typical 12-month lease to 15, maybe 24 months or longer, you can either maybe negotiate a consistent rent that entire time so you know it won’t jump up at the year, or even a small increase that is more manageable, versus a surprise 20 percent increase that may come,” Christie said.
Kilpatrick said in Raleigh there’s an increasing supply of new apartments in the market that could soften rents, but that could also depend on the cost of building, that is increasing.