GREENSBORO, N.C. (WGHP) — If you’ve been looking for an apartment in the Piedmont Triad, you’ve probably noticed rent has gone up significantly.
In fact, a report from Rent.com shows Greensboro is the top city in the U.S. with the biggest rent increase for one-bedroom apartments over the past year. The city has seen a more than 74% increase in rent prices.
Greensboro realtor Kelly Marks said newer apartment complexes in the city are charging more to deal with higher construction costs, and existing complexes are charging more because they can. It’s creating a large affordability gap, making it hard for some people to find a place to stay.
“Everywhere that I’ve called and researched, they either have a waiting list or their qualifications or requirements are too much for us right now,” said Kia Bustos, who lives in Pennsylvania.
Kia and her husband have been searching for a place to live in Greensboro since September with no luck.
“It’s been kind of difficult trying to find somewhere that is affordable, especially nowadays,” said Abraham Bustos, Kia’s husband. “Everything is going up.”
The average rent price for an apartment in the city is $1,289, according to Rent.com. It’s forced the couple to expand their search to other cities in the Piedmont Triad. But the prices elsewhere aren’t any cheaper.
“I’m frustrated because all the different applications I do and applications fees they’re like leading nowhere,” Kia said. “It’s like wasted money.”
Marks said it’s no surprise rent is up with thousands of people moving to the area as Boom Supersonic, Toyota and other large companies make the Triad their home.
“This is happening all throughout North Carolina believe it or not, even a lot of the rural areas,” Marks said. “The reason being is North Carolina is one of the most moved-to destinations in the country.”
Starla Clemmons and her two sons moved to North Carolina from Iowa back in August.
“We lived in a three-bedroom, two-bath house,” Starla said. “Had a garage. Nice big yard. Had a full basement, and we paid $950 a month there.”
Now, she’s paying double that for half the square footage, living in a three-bedroom apartment in Jamestown.
“We’re looking to buy a house because you’re paying almost as much if not less to buy a house, and that’s actually going toward something,” she said.
Clemmons and the Bustos family are both hoping to find an affordable place and quickly.
“Whatever we can find,” Abraham said. “We’ve been trying to get there for the past two months, three months. But I definitely want to be there for this new year.”
Realtors don’t expect this hike in apartment rent prices to subside.
If you are planning on renting, they suggest you ask property managers about any deals they offer to get some assistance.