Rent is on the rise in the Triad, according to a national analysis by software company RealPage.
While larger cities like New York and San Francisco showed falling rental prices, Greensboro and Winston-Salem showed a 3.1 percent increase.
“If we put something up to rent, it’s almost immediately rented,” said Amy Hedgecock, president of Fowler and Fowler Realtors. “It really varies depending on where the property is located, how many bedrooms and things like that. But overall, everything is going up.”
The head of the Triad Apartment Association said there are several contributing factors to the growth, but that it largely comes down to supply and demand.
For those looking for an affordable place to rent, the search can be exhausting.
“It’s just stressful and heartbreaking to know that everywhere you go is a closed door. Which is basically what it was everywhere was a closed door,” Synovia Bennett said.
Bennett, a student at GTCC, said her search for a rental lasted about a year. With the help of Youth Focus Inc., a nonprofit providing rental assistance to youth at risk of homelessness, she secured a lease.
“The background was an issue but the availability was the biggest,” Bennett said, explaining that her lack of credit was a major barrier.
“How many clients we have in the program is dependent on how much rent costs, so if rent is higher and we’re paying the full maximum amount for every client we can only have 10 clients,” said Ali Hobson, a case manager for Youth Focus.
Hedgecock said growth has continued since the recession, but the need has increased over the past several months.
She said federal eviction moratoriums could also be a factor.
“They may actually raise rents on other people in the apartment community to help buffer those costs,” she said.
Realtors expect these trends to continue through the year, and urge anyone looking to move to start as soon as possible.
“People are looking to move and there’s just not enough housing to do it,” Hedgecock said.