A new housing report shows rent price hikes for apartments in North Carolina are among the highest in the nation, and the Triad tops the list.
Rents in the Tar Heel state have risen by more than $500 since last year. That’s according to an August report from Rent.com. The biggest increase in one-bedroom prices took place in Greensboro — a 45% leap — and it was second only to Durham in the two-bedroom category. Regional housing experts say rising property taxes, labor shortages, and payroll increases are all factors.
Mary Gwyn is chief innovator of property management company Apartment Dynamics. She says the seeds of this sudden surge in prices began long before the pandemic.
"The Triad rental rates were not growing at the same rate as other parts of North Carolina," says Gwyn. "As a result, different clients I have that were willing to invest in real estate in other parts of the state were not interested in even looking at the Triad."
Gwyn says with the recent influx of new manufacturing jobs and the heightened profile of the Carolina Core as a desirable place to live and work, clients are giving the Piedmont a second look.