OK, give me an honest answer to this
one right now. Could you look through
your bank statement and find an
extra $550 every month to pay rent?
Mozilla says that's how much rent prices have
gone up in Greensboro over the past year.
200 bucks of that was just within
the last month, bringing the average
rental price to $16150 a month.
I'm Ben Briscoe.
Let's dig into what's causing that.
Increase what you can do about it,
and some possible solutions to the problem.
And boy is it a big problem.
Recently we've heard too many
stories of people being priced out
of their homes like Dwayne Ripley.
I'm a Christian and I shouldn't be afraid,
but I'm afraid.
A feeling hits home with so many right now.
Rents keep going up with the
rise in home prices.
Realtor.com says the medium home rise
in Greensboro costs more than 25% more
than last year and a new study suggests
that the new prices may be overvalued too.
Florida Atlantic University compared
the average asking price to what
experts expect prices for the market
should be its study found Greensboro
and Winston-Salem have some of the most.
Overvalued homes in the country.
You don't want to hear that look at
this chart for Greensboro home cost.
The dark blue line indicates expected price.
The light blue way above it shows the
average price the homes are selling for.
Greensboro homes go for a little more
than 40% higher than that expected price.
Now take a look at Winston Salem's chart,
its properties.
Go for a little less than 40%
more than what's expected.
The Commerce Department noticed
a trend though.
That could be good news for home buyers.
Its latest report shows April home sales
decreased more than 16% from March.
That followed an 8% drop from
February to March as well.
One reason homes cost so much right now.
Supplies remain tight.
A realtor.
We spoke with a month ago says
potential buyers really have to jump
if they find something they like.
Competition is high and options are limited.
There
is currently a huge inventory shortage
that we are still in the way that we
calculate how it's a buyers or sellers
market is based upon the in absorption rate,
which is how many months supply of inventory
we have on the market in a sellers market.
It was when it gets below six months
of inventory and we're currently less
than one month of inventory available.
There is such a shortage that right
now we are sellers are still in
the seat with all the leverage
we checked today. It's pretty similar.
From that month ago interview he says even
though we noticed signs of a market cool off,
big and balances are still there
between supply and demand.
That means that meaningful relief
is likely still a ways off.
You know, to help fix that supply issue,
Minneapolis changed the way their
neighborhoods look banning single family
home zoning like this meaning right
in the middle of all of those homes,
someone could build multi unit apartments
just like this or townhomes or duplexes.
Here in the triad,
all of those folks running for City
Council were actually asked about
that idea today at a candidates
forum on affordable housing hosted
by the Greensboro Housing Coalition.
I'm
totally in favor of that.
I'm also in favor of extending the water
and sewers line so that developers
can develop in the the outlying areas
and we will have more available
spaces for housing open to looking at
zoning and some changes in our zoning.
I'm not sure I'm ready to.
Do away with single family zoning 100%.
I think we've got to be creative and looking
at how we can add accessory dwellings.
Looking at how we can add duplexes,
triplexes, whatever
in District 4. We had a rezoning last year,
2 acres, and that two acres is
going to accommodate 2323 townhomes
and essentially a neighborhood
that that was was single family.
There was quite a bit of opposition
but over three to 4-5 months
probably or so both the mayor and
I were very much involved with the
neighborhood and the developer and in.
And and solving the issues
that the neighborhood.
Sorry, but we know that it's possible.
Yeah, I'm in favor of it.
But just like any other thing,
it's a case by case basis.
You cannot just Willy nilly get rid
of something that may make sense in
certain areas and in certain places
where the people who live there and
have lived there for a long time are
not made a part of the discussion in
terms of what rezoning takes place.
So yeah, I'm in favor of it,
especially when it applies
applies to larger acreages.
A private property
that we we definitely need to look at
rezoning, but we need to make sure that
that kind of rezoning in which we are
increasing housing is in all districts.
It just seems that a lot of
these larger apartments and,
and I mean I don't think anybody asked
us that live in the neighborhood if
we thought the way that they looked
would be good for our neighborhood.
I don't think many people are
upset about having more units.
It's just we weren't involved in
how it would look or implement.
I'm in favor of sitting down and doing.
A zoning map of the whole city
of redoing and let's have an
honest conversation about it.
And once we get a zoning map in place,
let's make it extremely difficult.
To change zone.
Lots of ideas there.
Part 2 of that form happened today.
The two candidates for Greensboro's
mayor gave their ideas here from
them coming up at 6:00 o'clock.
Many renters say they've gotten
priced out of their current units
because it's just so expensive for
a while they had the option to apply
for help through Guilford cares or
a city rental assistance program.
Now both of those programs have
stopped taking applications.
So what do you do?
Well, CBS News is.
Money analyst says there's a few options.
If your lease is up for renewal,
do some research to get a
sense of the current market,
then talk to your landlord well
in advance of the end date.
Be gracious. And remind them
that you love where you live.
You've been a good player.
You want to stick around.
See if you can limit the rental
increase by signing a longer lease,
or if you expect to earn
more money later in the year.
Ask for a delay in the new price and
remember the cost of moving could
be higher than the rent increase.
There's no cap for a rental
increase in North Carolina.
Landlords just have to give
you at least 30 days notice
before they raise those prices.
Renters beware as rink continues
to rise in a tight housing market.
Scammers are using this
opportunity to take your money,
apartmentlist.com says 5.2 million US
renters lost money from rental fraud.
You shell the shell Yates from
the Better Business Bureau says
scammers have two goals.
They either want to try to get money
from you for a property they actually
can't rent out or the scammer wants
to get your personal information.
Don't be baited by the sense of urgency.
Whether it's a sense of urgency
on your part because you found
the perfect house or apartment,
or you need to move in for some reason
or the sense of urgency on their
part that they have a whole list of
people out there who want this place.
So you need to act now.
It says it's a good idea to pay
deposits with your credit card,
so if you do fall victim to a scam,
your credit card company
can reverse that charge.
Here's one thing for sure.
Out of all with this,
we will be here to dig into any new
developments in the rental price
market and how they impact you.