'There is incredible need': Fayetteville makes list of metro-cities with fastest rising rent
FAYETTEVILLE, N.C. (WTVD) -- Joy and Hector Castro's family is growing. Their first baby is due in August, and they want more space around the house. That's why they're moving into a new one.
"Buying another home and renting out that one is just a better option for us," said Joy Castro. " The moment I walked in I knew this was our future home."
They're stationed at Fort Bragg and are staff sergeants in the U.S. Army. With a few years left at this duty station, the couple figured they would capitalize on the rental market.
"So many soldiers moving in. The competition is increasing. Everybody wants to live in North Carolina. It's the place to be. That's why we chose this place to raise our baby," said Hector Castro.
Rent in Fayetteville has skyrocketed over the past two years, and many are looking to capitalize on it. With Fayetteville being a transient community, people come and go. It's something Coldwell Banker broker Terry Peterkin is seeing.
" As far as soldiers are concerned, they make up at least 60 percent of that rental market and they're here for one to two years so they're relying heavily on property management companies," said Peterkin.
Real estate research firm Costar Group says Fayetteville makes the list of metro cities with the fastest rising rent in the last two years. It's almost a 24 percent increase. The report also shows growth in Wake County at 21 percent. Over in Durham County up almost 20 percent.
"There is an incredible need within this county for rental and mortgage and utility assistance on the backside of this COVID-19 pandemic," said Patricia Jackson with Fayetteville Urban Ministry.
According to Jackson, since fiscal year 2019, the organization has seen a 411% increase in money spent on rental assistance though the number of people it served did increase by nearly 50%. The organization accepts grants and donations to assist the community. Its upcoming 26th annual Charity Golf Classic Honoring Wade Hardin is slated for June 4.
As for the Castros they'll be closing on their home Monday and seeking tenants for their other house.
If you need assistance, you can contact the Fayetteville Urban Ministry at (910) 483-5944.
