Local renters feel the impact of rental rate increases

WILMINGTON, NC (WWAY) — A nationwide increase in rent is leaving many feeling the pinch, and the impact is being felt locally.

WWAY spoke with a realtor, a renter, and a data analyst all sharing their thoughts on the recent spike on rental rates in New Hanover County.

Dante Haywood is an data analyst with the Cape Fear Collective, a non-profit agency that uses data  to highlight lack of affordable housing and wage inequality. Haywood says the current market rent rate in Wilmington is above what many people can afford.

“The challenge here, we have about 50% of renters within the region, who are housing burdened,” said Dante Haywood, Cape Fear Collective data analyst.

Haywood says the increase in rent rates and many people not seeing a wage increase is hundreds of dollars more than what the average resident can afford to pay.

“For the average renter within New Hanover County, we’re looking at about $700, which remains under the 30% housing cutoff before you would consider someone housing burdened.”

Realtor Tammy Sanders has dealt with the local rental and housing market for than 30 years, and says the increase is due to the current state of the economy as prices rise on everything, with more homes selling impacting rent rates.

“Right now, the prices are so high for sales, a lot of people are renting. So, what that does for the rental market is supply and demand. The cheapest thing that you can rent something in Wilmington right now, on a three bedroom, is probably $1,800-$1,900. The cheapest one bedroom I think is going to be $1,200 or $1,300,” said Tammy Sanders, realtor.

Renter Eugenia Johnson has been searching for an apartment to rent in Wilmington, and has noticed the higher rent rates.

“It did catch me a little bit by surprise, how much rent is. Especially towards like a one-bedroom area, it’s definitely more than I expected,” said Eugenia Johnson, renter.

Johnson said she feels like the rates will keep going up, and believes the rate she gets now may be the best rate available for the next few months.

“Looking for apartments, apartments for me, –like searching, good apartments that I found are going fast. I call one day, it’s not there the next day. So I definitely feel like, I don’t want to say like I’m striking while the iron is hot, but this is the best rate that I may be getting it for,” said Johnson.

This is considered to be off-season  for the rental and housing market, and all rates seen now are considered to be leveled off in comparison to summer rates, even with the rate increases.