GREENSBORO, N.C. — It’s no secret that things are becoming more expensive nowadays.
According to a local real estate broker, rent has risen over 24% since the start of the pandemic, and it only seems to get higher.
For some Triad residents, the rent increase is causing a struggle.
Victoria Shephard is a single mother of two children living at Providence Pointe Apartments in Winston-Salem. Shephard said she has seen her bill go up over $200 in the last two years. Shephard said she works long hours at the post office, typically six days a week, and even got a part-time job to help with the bills.
“If you have to work 55 hours a week to make enough to cover everything that has gone up, when do you spend time with your kids,” Shephard explains.
Why is this happening?
WFMY spoke with Mike Carter, a resident and commercial real estate broker in Greensboro.
"Since the start of the pandemic, rents have gone up between 24% and 34%,” Carter said.
Crazy to hear, right?
Carter said lots of factors are contributing to the rise.
"It’s sort of a multi-headed beast there. You’ve got one that there’s more demand on the rental front," he explains. "There are just more people who want to move out on their own, people who were staying with mom and dad during the pandemic. They’re ready to get out on their own. Then you have the rising home prices, and with that comes a higher carrying cost. So, people are going to raise their rents on that front there. Then, also larger investment firms that have been coming up buying up neighborhoods they are setting new standards for how a lot of those rents go."
However, that only covers homes. What about apartments? The question remains.