NORFOLK, Va. — Rent is skyrocketing across the country as the general cost of living goes up.
Natalie Ferrara has been feeling the strain. She rents a two-bedroom, one-bath townhouse in Norfolk.
"I get the lease renewal on Thursday, and it’s going from $920 a month to $1,382 a month," Ferrara said. "Inflation – ok, alright. But when we’re talking about $460 increase?"
She said her apartment complex has new owners, and informed renters they believe the units were undervalued compared to the rest of the market.
Ferrara is concerned about being able to find another apartment for less, not to mention the cost of moving to a new home.
"That’s what's wild," Ferrara said. "What do you do? I either pay it because I’m going to pay my bills, or I don’t live somewhere? I mean, it’s like you got to make it happen. You have to make it happen."
She’s not alone – across Hampton Roads, apartment renters have been facing skyrocketing prices.
Vinod Agarwal, an economics professor at Old Dominion University, said the rate of inflation is up as the economy recovers from the pandemic.
"Well, you do know that the cost of living includes rental prices," Agarwal said. "Rent has gone up because the prices of houses have gone up."
If your landlord is paying more in mortgage, you’re paying more in rent. There’s also a growing trend in the real estate market.
"Investors, not homeowners, are buying houses in much larger numbers," Agarwal said. "And when they’re buying, they’re not buying to stay there."
Ferrara, who’s a teacher, picked up a second job to cover costs while her husband is deployed in the Middle East.
"When we’re talking about every individual expense being $10, $15, $20 more, I almost feel like I have to work two jobs or I’m not going to ever make it," Ferrara said.