North Carolina rental prices increasing faster than national average
RALEIGH, N.C. (WTVD)- Rental prices continue to skyrocket across the U.S. The average monthly rent cost increased by 16% nationwide, according to an ABC11 I-Team analysis of Apartment List data.
The increase was even higher in North Carolina. Since last year, the average cost of rent increased by 20% or $200 on average across the state. Just in the last six months, many areas of the state reported a 10% spike in monthly rent.
“The increase in rental prices is tied to the increase in home prices. They’re really two parts of the same market,” explained Michael Walden, a North Carolina State University economist. “When home prices skyrocket, which they have been doing, many people are priced out of that market, so obviously they have to go into the rental market.”