RALEIGH, N.C. (WTVD) -- Answer: hustle as hard as you can and get a second job. Question: how do you afford rising rental rates?
This narrative may end up becoming more common as housing rental rates in Raleigh, Durham and Fayetteville areas continue to skyrocket.
According to ApartmentList.com, the median estimated rent in both Raleigh and Durham increased by nearly 30% in the past two years.
In Fayetteville, also according to the website, apartment rents increased by 2.3% since May and jumped nearly 16.5% since this time last year.
To make the rental market more interesting, real estate broker Edric Williams with Bold + eXp Realty, says more buyers are turning into renters. "Because someone who is a buyer two years ago has been outpriced," said Williams. "They've been priced out of the market. So now they don't have a choice but to rent. And they're having just as much a hard time renting because there's not any inventory in their price range."
And the issue isn't just central to Raleigh and Durham, as Fayetteville rental rates are increasing as well.
Williams said with the popularity of remote work and less time in an office setting, people are choosing to live farther away from their job and commute into the office a couple of times a week, if at all.
"I've seen more people actually downsize what they could actually afford so they can have more discretionary income," Williams added.
Fayetteville resident Loren Singletary, 21, is managing multiple jobs to make ends meet. He's hopeful to eventually stop renting and purchase a home.
"I'd rather own than pay somebody rent," he said. He told ABC11 he was surprised at how much rent has increased in the surrounding area when he was considering a lease renewal at the apartment complex where he lives.
"It was shocking," said Singletary.
Williams, on the other hand, believes the market will cool down but we won't see pre-pandemic numbers as we once saw.
But, what about affordability?
"There's always hope, always hope," Williams said. "Search under every nook and cranny. Don't just depend on the website online. Get in your car on the weekend, ride around, see if you see some signs out. Ask your friends if they know of anyone who's looking to rent out a property."
He also suggests using Craigslist for properties but to use extreme caution as scammers often pose as credible landlords and then steal security deposits.