A recent article from the Triangle Business Journal really got us thinking…NOW really is the best time to buy!
Renters in Raleigh, while still getting more space for the money, are getting squeezed more than their counterparts nationally in order to keep their monthly payment the same as it was five years ago, according to an analysis by HotPads, a unit of Zillow.
The median U.S. rent is $1,530 and the median size of a rental unit is 1,260 square feet. In 2014, that same $1,530 monthly rent payment would have given renters 225 more square feet of space (1,485). Meanwhile, in Raleigh, the median rent is slightly less at $1,485 and the median size of a rental is much higher at 1,535 square feet but in 2014, Raleigh renters would have gotten a place with 1,785 square feet – or 250 square feet more – for that much money.
The study looked at 50 metropolitan areas throughout the country. The disparity is even greater in Charlotte as the median $1,400 today gets a 1,365 square-foot place, whereas in 2014 it would have gotten the renter a 1,685 square-foot place – a difference of 320 square feet.
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The price per square foot normally tracks closely with rent prices, which are on the rise, according to the HotPads first quarter 2019 Rent Report. Raleigh’s median monthly rent rose 2.8 percent from 2017 to 2018.