Here’s a statistic that might sum up just how much renters are feeling squeezed: a North Carolinian would have to work 90 hours per week at the current federal minimum wage of $7.25 per hour to rent the typical one-bedroom apartment.
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Statewide, rental rates are up 11.7% on average from last year. And, at a time when many leases are set to expire, and demand for housing is increasing, rental rates are up 3.4% in Raleigh and 3.6% in Durham over the last month. Looming is an end to a moratorium on evictions, leaving many renters in a tought spot. Here’s an update.
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Conventional wisdom since the beginning of the COVID-19 pandemic – especially in large metropolitan centers such as New York and Los Angeles – has been that people will want to move to communities that have not been as hard hit. But a new survey casts doubts on that view.
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If Raleigh’s ever-changing skyline doesn’t tell you how much North Carolina’s capital is changing then two new reports might help convince you how major the changes sweeping the area are.
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