Latest numbers show an 18-percent increase in rent prices since last March

WILMINGTON, NC (WWAY) — Rent prices are soaring to unprecedented levels across the Cape Fear, climbing nearly 23 percent since the start of the pandemic — including 18 percent in the last year alone.

According to apartmentlist.com, the median rent for a 2-bedroom apartment in Wilmington is now more than $1,300 per month.

Housing economist Chris Salviati says the recent spike is due to a number of things.

He says supply and demand is the number one factor leading to the rapid increase in rent, which has gone up nearly 3 percent since early March.

Salviati says things should level off eventually but not to expect a change overnight.

“It’s hard to kind of pinpoint an exact number,” Salviati said. “But based off what we’ve seen so far this year, my guess is that 2022 will be a year where we continue to see above average rent growth. But maybe not quite to the extremes that we saw last year.”

Salviati adds that people’s living habits have also changed since the pandemic began, leading to higher apartment occupancy rates than ever before.

“A lower share of folks searching with roommates. So more people looking to live on their own, which kind of means more individual households,” Salviati said. “Which is, I think, creating a really tight picture there.”

According to apartmentlist.com, the cheapest rent in North Carolina is in Greenville with the most expensive being in Asheville, where a 2-bedroom averages $1,700 per month.