Rent on the rise in Charlottesville; median 2BR rent up 2.2% in the past year

Rent on the rise in Charlottesville; median 2BR rent up 2.2% in the past year
(Source: WVIR)

CHARLOTTESVILLE, Va. (WVIR) - A new study finds rent in Charlottesville has continued to rise over the past year.

Apartment List says the city saw a just over two percent increase in rent prices in the past year.

According to one Charlottesville realtor, there are a few reasons driving the prices up: Some people may want to buy a home, but can’t, which leads to more folks renting. As a result, demand for rental properties goes up, leading to higher rent payment.

"There are not enough houses in the lower price ranges available, and so they go out and they try to find it, and they can't get it,” CEO of Roy Wheeler Realty Michael Guthrie said.

Guthrie also says many people think they need more money for a down payment on a home than what is actually required. That leads people to rent, which is also leading to higher rents.

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