The March Consumer Price Index (CPI) report showed that overall inflation increased by only 0.1% which was lighter than the 0.2% expected. Year over year, inflation declined from 6% to 5% which was lower than the expected 5.1%. At its peak, inflation was at 9.1% and it continues to make progress.
A big factor in that was the rents rose 0.5% last month and that equates to an annual increase of 8.8% year over year. As rents increase and salaries for consumers like teachers and first responders remain stagnant, not only will buying a home be out of reach for many, but simply renting a property will be more difficult.
Many renters are being forced to find a roommate in order to be able to afford median rent which has been skyrocketing for the last 24 months in the Raleigh/Durham area.