Competition for rent in the Triangle is on the rise, according to a recent report from RentCafe.
The organization, which provides a safe method of searching for apartments, published its annual report based on information gathered from Yardi Systems, its parent company.
Doug Ressler, the manager of business intelligence at Yardi Matrix, an affiliate company of Yardi Systems, said the company wanted to come up with a set of different measurements in order to look at the residential apartment market and determine strengths and weaknesses.
“We’ve had a lessening of the pandemic, but then inflation and recession has come on board much stronger,” Ressler said.
Of the 24,308 occupied households in the Triangle, 44.7 percent are rented, according to the report.
The Triangle is the fifth most competitive housing market in the state, with 12 renters competing for each vacant apartment. Rental competitiveness increased by 1.2 percent during the peak rental season in the Triangle for 2022.
Ressler said this increase in competition will help with prices, and increased supply and demand typically result in a decrease in cost.
However, Amanda Kolman, who has been a resident of Chapel Hill for a decade, said the corporation that owns her townhome attempted to increase her rent by nearly 20 percent in 2022.
She said it would be great to see big properties avoid increasing their rent prices.