HIGH POINT, N.C. (WGHP) — The price of rent is rising across Greensboro, Winston-Salem and High Point, but the rental landscape in the Triad’s three biggest cities is far from even.
Data from Rent.com, an “apartment search engine and online marketplace,” shows that studio, 1-bedroom, 2-bedroom and 3-bedroom apartments all sit at different average prices in Greensboro, Winston-Salem and High Point.
Studio Apartments
While the price of a studio apartment is quickly rising in Winston-Salem and Greensboro, the price is falling just as fast in High Point.
Greensboro is home to the highest average price for a studio apartment at $1,710. That’s the highest price on our chart, beating out even three-bedroom apartments in all three cities. Bear in mind that location plays a key factor in apartment prices, and while a studio apartment may be smaller, finding one in downtown Greensboro is likely to send the price soaring.
Studio apartments in Winston-Salem are about $600 cheaper at an average of $1,102, but the prices are rising much faster. While studio apartment prices rose by 10% in Greensboro, the price rose by a whopping 29% in Winston-Salem.
In High Point, the price for a studio apartment fell by 23% down to $639, nearly half the price in Winston-Salem and nearly a third the price in Greensboro.
One-Bedroom Apartments
The prices are much closer across the board when it comes to one-bedroom apartments.
Despite having the lowest average cost of a studio apartment, High Point has the highest average cost for a one-bedroom at $1,067.
Winston-Salem and Greensboro both come out under $1,000 where the average price is only $20 apart. In Winston-Salem, a one-bedroom averages $952, and in Greensboro, a one-bedroom averages slightly less at $932.
If that leaves you torn between Winston-Salem and Greensboro, it’s worth noting that Winston-Salem prices have dropped by 2% whereas prices in Greensboro rose by 10%.
Neither, however, come close to the spike in High Point where prices leaped up by 38%.
Two-Bedroom Apartments
Two-bedroom apartments tell a similar story to one-bedrooms in the Piedmont Triad.
Two-bedroom apartments in High Point, Winston-Salem and Greensboro tend to cost about $150 to $200 more than one-bedrooms.
High Point, yet again, tops the ranking at $1,280 with Winston-Salem falling 10% to $1,105 and Greensboro rising 14% to $1,097. High Point had the most dramatic increase of 40%.
Three-Bedroom Apartments
Move over, High Point.
Winston-Salem averages the highest price for a three-bedroom apartment at $1,559. It also has the largest gap — more than $450 — between the two-bedroom average and the three-bedroom average.
High Point follows with a price of $1,315, a mere $35 more than its two-bedroom average.
Finally, Greensboro boasts the lowest price of the three at $1,175, less than $100 more than a two-bedroom in the city.
Winston-Salem and Greensboro’s prices rose at a pretty similar rate: 4% and 2% respectively. High Point, however, continues its trend of quickly rising prices with a 23% increase.
So what’s the takeaway?
Prices in High Point are rising fast. With one-bedrooms rising by 38%, two-bedrooms rising by 40% and three-bedrooms rising by 23%, High Point could continue to widen the gap in prices more in the coming years.
Prices in Winston-Salem and Greensboro have gotten closer, with Greensboro’s prices picking up and Winston-Salem’s falling. If those trends continue, we could see prices in Greensboro surpass those in Winston-Salem, which would make the Twin City the Triad’s cheapest for apartment living.
All that said, if you don’t need much space, it’s hard to beat the price of a studio in High Point, the cheapest on the chart by a margin of about $300
Source: Fox 8 News Channel
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