Which apartment houses the highest rent?
The apartment market is heating up, and that means prices are rising fast.
The average rent in Raleigh is $1,834 per month, up from $1 in March, according to a report from the Real Estate Board of Greater Raleigh.
And there’s no sign that’s slowing down.
Raleigh rents are up 15 percent from a year ago, according the report.
The average apartment in the city has a rent of $1.074 per square foot, up 7 percent from $949 in February.
The report notes that many of the apartments are affordable, with one-bedroom units averaging $1 per square feet.
Some of the rising rents include apartment rentals in the area around the University of North Carolina at Chapel Hill.
One of those, located at 565 East Chapel Hill Boulevard, has an average rent of about $1 an hour, according a statement from the city.
The city also recently announced a $50 million, $50.5 million grant to address rising rents.
The rental market in Raleigh, NC is expected to be one of the most expensive in the country in 2019, according at the National Association of Realtors.
The real estate board predicts the region’s rental market will be one to three times the size of the nation’s in 2019.
Rents will be higher than those in other major cities in the United States, such as New York and Los Angeles, the report said.
Some people have taken advantage of the boom, finding cheap, convenient apartments near campus or in the Raleigh area that offer amenities such as laundry facilities, fitness centers and an indoor swimming pool.
But others have struggled.
A study by the real estate website Zillow found that Raleigh had the highest vacancy rate of any major city in the U.S. in the first half of 2019.