Raleigh rent up 23% in just one year, report shows
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>> 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.