Rent prices on the rise in the Piedmont Triad

Piedmont Triad News

GREENSBORO, N.C. (WGHP) — Rent prices are through the roof in the Triad and across the country.

Even if people have the money to keep up with the increasing prices, finding a place to live is pretty tough these days.

Rents across the country have spiked 9.2 percent since the start of 2021, according to Apartment List.

Of the three people FOX8 talked to on Thursday, it took two of them over a month and a half to find a new apartment, and the third person gave up because the process was too difficult and too expensive.

“I can’t afford to live in a $1,200 place that’s tiny,” Van Walker said.

“I was a little dumbfounded at the price of things,” Kylie Hayes said.

It’s going to take a lot more money to rent a place in the Triad.

“It’s expensive, it’s hard to come by and it’s very much a first-come, first-serve basis,” Walker said.

Some properties are raising rates 5 percent, and for others, it could be even more.

“For even a one-bedroom, one-bath, which seems like it should be the cheapest option, it’s still pretty up there,” Chance Bartenfield said.

In Winston-Salem, the average rent downtown is high — most are more than $1,300 a month.

“A place in West End that I had looked at a year ago, was available again this year,” Hayes said. “Last year, it had been around $725. This year it was $1,400, without utilities.”

The rent doesn’t have everyone running away. Several properties FOX8 crews checked online had very limited availability.

“I thought October was a very long time to wait [for an apartment],” Hayes said.

One-bedroom apartments are available in Greensboro, depending on what people are willing to pay.

A building downtown has one vacancy if people can afford more than $1,900 a month.

Outside of downtown, people can still be looking at over $1,000 in rent.

“It’s just rough out there,” Walker said. “I don’t know a solution, other than giving people a more liveable wage or having landlords reduce rent.”

The process is tough enough for people like Hayes to decide to not move after all.

“These prices are crazy. I wouldn’t suggest anyone move right now,” she said. “If you’re looking for a rental property, you won’t find one.”

There are several reasons why rent is going up: one is inflation.

People are also renting apartments after selling their homes while waiting for a new home to be built or to buy a new home.

People are also moving to the area from more populated, expensive cities. Demand is up, and supply is low.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Must-See Stories

More Must-See Stories

MOST POPULAR

Follow FOX8 on Twitter