GREENVILLE, NC (WCNT)- Rent prices are up from the last year across the country. Property managers say it’s because less people are buying homes.
ECU professor Jim Kleckley said, “People are not buying homes and if you’re not buying a house and you want to move you got to move to an apartment.”
Average rental prices in the US are rising. In just one year the price for a one bedroom apartment rose 4.9 percent and 4 percent for a two bedroom. Kleckley says a lot of things contribute to the spike, including the number of people opting to rent.
“People’s outlook on life and their finances and what they’ve done really has changed,” Kleckley said.
Kleckly says millennials are renting more than previous generations.
“They tend to be more mobile if you buy a house you’re sort of held down with that house but if you rent you can change jobs you can move.”
With more people renting, property owner Rocky Russell says occupancy rates are going up, and that gives people the opportunity to increase prices. Depending on where you live you could see a two to five percent increase in your rent each year.
Russell said, “Here at Holly Glen we’ve been able to raise our market prices every year for the past six or seven years.”
Russell says it all depends on the competition. If no one else is raising their prices he also holds the line.
Kleckly says location can cause the price of rent to rise as well.