Rent rates increase across the Cape Fear
WILMINGTON, NC (WWAY) — The price of rent is on the rise across the Cape Fear. The rate increase is drawing concerns from both property owners leasing their homes, and from renters.
Coastal Realty & Management owner Tammy Sanders says average rent rates across the country have increased by 25%. On a local level, she says Wilmington has seen a 22% increase in the cost of rent.
She says landlords and apartment complexes are significantly raising rental rates due to the current state of the economy, and to combat the challenges they face with the increase of mortgages, interest rates, and inflation on everyday items.
“A lot of the property owners purchase property to rent out, which means it’s an investment for them. So, the more money they can get, the happier they are,” said Sanders. “One the other side, as far as being renters, sometimes the rental increase of $300-$400 and possibly up, a month, compared to what they were paying is pretty stifling and it’s a shock to say the least.”
Despite having to raise rent to compete with the market and earn profit from their investment, she says some property owners are willing to negotiate.
“The owners generally, even though it is an investment, and they want to make money, if they have a good tenant that pays on time and doesn’t cause a lot of problems, doesn’t nickel and dime them to death with the maintenance they’re more apt to not go up as much,” said Sanders.
Sanders offered tips to renters hoping to avoid a large rent increase.
“For the people that are coming into the area, that haven’t rented here before, a great strong credit report, great rental references, the cleaner the contract can look, the better chances you have. So the main thing on the renters side would be, start getting that credit in shape, start being a good tenant, because you’re going to have to compete,” said Sanders.
Sanders says even with the price increase, the supply and demand aren’t slowing down. More apartment complexes are coming to the Cape Fear, as investors see the opportunity to cash in on the booming market.
