Triad Apartment Rentals Are Getting More Expensive

A new report shows the cost to rent an apartment in the Triad is on the rise.

Winston-Salem, Greensboro, and High Point all saw increases in the average rent price for an apartment over the past year. That's according to a report from the research firm Yardi Matrix.

Greensboro has the highest monthly rent at around $860 a month.

Researchers say size and location can have an impact on the overall cost of an apartment. In Winston-Salem, the average is $811, and in High Point, it's around $798.

Doug Ressler with Yardi Matrix says rent prices are expected to continue to rise in the Triad.

“It's a smaller market, but it does have significant employment growth, and with the significant employment growth one of the things we see is lack of supply," says Ressler.  "So with a lack of supply for renters, there are less options.”

Ressler says another reason for the increases is that the Carolinas and Southeast are hotspots right now for their cost of living.

“We are seeing population growth in the state," he says. "The terminology that you will hear is mobile migration. People are moving into these areas because of the low cost of living compared to where they are from.”

If you're wondering which North Carolina city has the highest apartment rent, it's Charlotte. The report says the average there is more than $1,100 a month. The Raleigh market comes in at a close second.

Despite the increases, the state's biggest cities are still below the national average, which is more than $1,300 a month.

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