Sticker shock for young would-be renters as apartment leases spike

Elaina Athans Image
Wednesday, July 6, 2022
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Cary is experiencing one of the highest year-over-year jumps in the state with rents shooting up 19.3%. Rent has also increased significantly in Durham and Raleigh.

CARY, N.C. (WTVD) -- Hanna Gannett just graduated from N.C. State and scored a job right away. She wanted to get her own place after years of dorm living.

"All apartments really shot up and I was unable to do that," she said.

Ultimately, Gannett says she found a random roommate to help out with the rent.

"I just like put an ad out and I asked around and found a friend of a friend of a friend so somewhat creditable, but hope it works out," said Gannett.

Joel Weiss is going into his senior year of college and living off-campus.

His rent going up $160 a month. He's paying some of it.

"Thankfully, my parents help me out a lot, but I'm started to feel guilty how much," said Weiss.

There are studio apartments in Downtown Raleigh, with 512 square feet, being rented for almost $1,800 a month.

ApartmentList.com's July Report shows rent in both Raleigh and Durham has been steadily rising for the last six months.

Since this time last year, rent is up 16% in the Bull City and almost 18% in the City of Oaks.

Cary is experiencing one of the highest year-over-year jumps in the state. Rent shooting up 19.3%.

The increases are putting pressure on young adults trying to make their way.

"There's been some uncomfortable conversations because I know people are stretching. A lot of my friends are really, really stretching," said Weiss.

Gannett is getting ready to welcome her new roommate next month and ease the financial burden.

"It's tough to compromise different things. I know a lot of my friends have also been struggling to find housing to afford so I think it's definitely been rough to find anything in the area that's affordable," said Gannett.

The City of Raleigh does have affordable rentals around the city, but renters say sometimes the waitlist can be a year long.