This narrative may end up becoming more common as housing rental rates in the Raleigh, Durham and Fayetteville areas continue to soar.
According to ApartmentList.com, the estimated median rent in Raleigh and Durham has increased nearly 30% over the past two years.
In Fayetteville, too depending on the websiteApartment rents have risen 2.3% since May and jumped nearly 16.5% since this time last year.
To make the rental market more attractive, real estate broker Edric Williams of Bold + eXp Realty, says more and more buyers are turning into renters. “Because someone who was a buyer two years ago was overvalued,” Williams said. “They’ve been priced off the market. So now they have no choice but to rent. And they’re having just as much trouble renting because there’s no inventory in their price range. “
And the problem isn’t just central to Raleigh and Durham, as Fayetteville rental rates are also rising.
Williams said with the popularity of remote work and less time in an office, people are choosing to live further from their jobs and come into the office a few times a week, if at all.
“I saw more people cutting back on what they could actually afford in order to have more discretionary income,” Williams added.
Fayetteville resident Loren Singletary, 21, manages multiple jobs to make ends meet. He hopes to eventually stop renting and buy a house.
“I’d rather be a landlord than pay someone rent,” he said. He told ABC11 he was surprised at the increase in rent in the area as he considered renewing the lease on the apartment complex where he lives.
“It was shocking,” Singletary said.
Williams, on the other hand, thinks the market will cool down, but we won’t see pre-pandemic numbers like we’ve seen in the past.
But what about affordability?
“There’s always hope, always hope,” Williams said. “Search every nook and cranny. Don’t just depend on the online website. Get in your car on the weekend, drive around, see if you see any signs. Ask your friends if they know anyone looking to rent a property.”
He also suggests using Craigslist for properties, but exercise extreme caution, as scammers often pose as credible landlords and then steal security deposits.
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