Study: Rent in the East growing faster than state, national, averages

GREENVILLE, N.C. (WNCT) – Those looking to rent a house or apartment in the East better prepare to shell out more money for it.

According to a new Apartmentlist.com study, rent in the East is growing at a faster rate than both the state, and national, averages.

Over the last year, average rent prices in Greenville have increased by 4.5%, with a average two bedroom place going for $730. Rent prices are up 5.9% in New Bern, with a two bedroom averaging $700. Jacksonville fell below the state average rent growth, with rent prices up 3.3% with an average of $650 a month.

While the percentage change was higher than the national and state averages, the price for apartments are still a bargain in comparison. The national average for a two bedroom place was $1,300, up 2.7% over the last year. The state average was up 3.8%, sitting at $1,000.

“As rental rates go up, and housing rates go up, we’re always going to be looking for people to stay here,” said Greenville Councilman P.J. Connelly, who also runs his own real estate business.

Connelly said two problems Greenville still needs to address is having sustainable jobs, and adding appeal to the city in order to keep people here.

“We only have a certain amount of tax revenue that comes in on an annual basis,” he said. “We’ve got to make it exciting here. But economic development starts with jobs.”

Charlotte and Fayetteville also had large rent increases. Charlotte’s average rent for a two bedroom place went up 4.9% to $1,260, while Fayetteville saw their rent averages increase 5.3% to $710.

Raleigh’s rent went up 2.8%, sitting at $1,100.

To see rent changes in more locations, click here.

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