RALEIGH, N.C. — As housing prices remain high in the Triangle, realtors say rental prices won’t be slowing down anytime either.
Wake County recently announced a business development grant for Apple. The company will be building a brand new campus in Research Triangle Park in 2023, hiring about 3,000 employees with an average salary of $187,000.
What You Need To Know
- Some realtors believe housing and rental prices won't be going down soon
- Investors are buying properties around RTP after Apple announced building a campus in the area
- Spring season can be the hardest time to find a new property
The company will be using an interim office in Cary in the meantime.
Since the news was announced, realtors like Brett Bushnell, the 2021 president of the Raleigh Regional Association of Realtors, says investors have been rushing to buy properties around RTP and downtown Raleigh. He says the best thing people in the area can do is give themselves extra time to get into a property
“There doesn’t show signs of slowing down right now in the rental increases,” Bushnell said. “Same thing with single family, town house and condos. Prices are going up, and when prices go up, rents goes up, and when rents goes up, prices go up. They’re all interlinked."
If you’re looking to buy or rent a property, Bushnell says now might be the best time to look. The Triangle is notoriously a spring market, meaning prices are at their highest during February, March and April.
"I think we’re gonna continue to see this in the next coming years. How much, how fast? When does it cool back to more of a standard historic appreciation? That’s hard to tell," Bushnell said. "But we definitely have a lot of economic driving factors right now and limited supply which are pushing them up."