RALEIGH, N.C. -- With growth, comes growing pains and that means an effect on the rental market in Raleigh.

  • In 2018, rent prices grew by three percent around the Triangle coming close to the national average rent growth of 3.2 percent.
  • "They're even higher than other areas in the state. I think our median rent is about $300 more a month than it is in the Triad area and Greensboro."
  • Because the housing market is being driven by lack of inventory, people aren't happy with what's out there and instead are choosing to rent to see if conditions change.

In 2018, rent prices grew by three percent around the Triangle coming close to the national average rent growth of 3.2 percent.

Those numbers are according to commercial real estate company Avison Young.

Real Estate Broker Warren Sumner has been in this business for decades and says, "They're even higher than other areas in the state. I think our median rent is about $300 more a month than it is in the Triad area and Greensboro. That's pretty incredible to me that you're spending that much more for space in Raleigh."

Sumner says because the housing market is being driven by lack of inventory, people aren't happy with what's out there and instead are choosing to rent to see if conditions change.

"Finding places for people to rent so hopefully they'll become buyers down the road is probably going to be part of any real estate agent's strategy by necessity. It has to be," said Sumner.

His best advice, "Stay patient and do your research. Don't get in histrionics because you lose out on one or two or three properties. It's going to happen. You just have to stay the course and eventually things will work out."