RALEIGH, N.C. (WNCN) – With a major influx of people to downtown Raleigh, the cost to rent an apartment is climbing even higher.

The average per month rent in downtown Raleigh has increased by nearly 20 percent since 2015, according to a new report by the Downtown Raleigh Alliance.

Click here to read the report

In 2019, the average monthly rent reached $1,513 for downtown overall. That’s up from $1,265 in 2015.

“Average rent in downtown grew 4.8 percent in the past year as a major influx of supply from 2015-2016 was absorbed,” the report reads. “Low vacancy and rising rent indicate a strong demand for affordable options in and near downtown.” The report notes that for multi-family properties downtown, the occupancy rate is more than 94 percent.

“You’ve got a lot of transient people coming in to look for a couple years for tech companies. So, the rental market is like anything else. It’s driven by supply and demand,” said Warren Sumner, an agent with Fonville Morisey. “Rather than settling for a property they’re really not happy with, they’re gonna rent for a couple years until the market settles down. So, those two things coming into play really drive the market we’ve got going on right now.”

Sumner, who was worked in Raleigh real estate for more than 20 years, said another tech giant like Amazon could have an impact on housing costs. Amazon considered the Triangle for its new headquarters but ultimately did not choose the region.

“We dodged the bullet, so to say, about Amazon picking another place. But, there’s gonna be another Amazon,” he said.

According to data from Apartment List, the increase in rental rates in both Raleigh and Durham outpaced growth nationally in the last year.

Cynthia Katkish, who moved to downtown Raleigh about a year-and-a-half ago, said the convenience of living downtown makes the expense worth it for her.

“I don’t have to have a car, which is wonderful,” she said. “I would definitely stay here because of the convenience.”

Jeremy Brazoban, who lives in Cameron Village and works as a broker, pointed out some families are struggling to keep up with how quickly the cost to live downtown is increasing.

“They have to match it to what the rates are for the market rates every year, and the demand is just bringing up skyrocketing prices,” Brazoban said. “Across the board, rental, even sales, is going up tremendously. (There are) affordable housing issues going on.”

That’s become a major issue in this year’s local elections in Raleigh.

The city council also recently reached an agreement with Kane Realty, one of the region’s most prominent developers, to include affordable housing in a new high rise planned for downtown.

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