The rental market is experiencing unprecedented turmoil as rent prices have surged drastically since the pandemic began. As of 2024, rent prices are a staggering 30% higher than their pre-pandemic levels. This upward trend has transformed the housing market landscape and posed significant challenges for renters and landlords.
How Much Have Rents Increased?
Nationally, rent prices have surged by 30% from pre-pandemic levels, according to data compiled by CoreLogic, a leading data and analytics company. This sharp rise has significantly impacted renters, with more than half of the nation’s renters, including two-thirds of low-income renters, reporting high stress levels due to the increasing rent costs and other essential goods and services, as the Harvard Center for Joint Housing Studies noted.
What is the Current Rent Rate Trend?
While the growth in rent prices has slowed from its peak, they still rose by 3.2% year over year in May 2024. This increase aligns more closely with the average historical rate of pre-pandemic rent hikes. It indicates that the elevated rent prices are here to stay, with a continued upward trend expected in the coming year, albeit at a more moderate pace.
Comparative Analysis of Raleigh Rent Prices
The rent changes have been profound in Raleigh’s Wake County, North Carolina. As of August 2024, the median rent is $1,895, with the average apartment size being 952 square feet. This represents a significant 31% increase from 2019. Such changes highlight the intense pressure on renters in the Raleigh area and underscore the broader national trend of escalating rent prices.
What Should You Do About It?
Given the current rent trends, now might be an ideal time to consider buying a home instead of continuing to rent. Although housing inventory remains low and mortgage rates are higher than pandemic levels, there are strategies we can explore to help you navigate the challenges of today’s market. Connect with the Martini Mortgage Group to discuss your options and find a path that suits your financial goals.
About the Author
Kevin Martini is dedicated to empowering families to build generational wealth through real estate, utilizing cutting-edge mortgage strategies. More than just a Raleigh mortgage broker, Kevin is widely regarded as one of the best in the industry, holding the status of a Certified Mortgage Advisor. His commitment to a fiduciary approach ensures that his clients’ best interests are always at the forefront. As a prominent figure in both the Raleigh real estate market and the broader mortgage industry, Kevin has successfully originated over a billion dollars in home loans. His expertise helps clients navigate the complexities of financial planning to achieve their real estate aspirations.
Contact the Martini Mortgage Group today to explore your options and take the first step toward homeownership. With Kevin Martini’s guidance, you can turn the tide on rising rent prices and invest in your future.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
