The greater Raleigh, N.C., market appears to be getting back on its feet again, which is good news for rental property owners.
Driven by the growth of government expansion and technology companies, the Raleigh-Durham area added 14,400 new jobs in the first half of this year, representing a 1.8% increase over the same period a year earlier, according to a report on the website Commercial Property Executive.
Equally important, the market’s median household income increased by 4.4% to $59,030.
These gains have been a positive impetus for new apartment construction and what owners can charge renters, albeit somewhat counter-intuitively. The number of apartments available has been falling since late 2013. However, completions of new apartments exceed demand, and multifamily permits have increased by 15% since the beginning of the year to an annualized rate of 7,540.
Still, the average monthly rent in the Raleigh-Cary area is up 1.2%, according to new research by Axiometrics. “Job growth continues to be strong, and new household formation is resulting in the absorption of new units,” Jay Denton, Axiometrics’ senior vice president of research and analytics, told the Triangle Business Journal.
The average rents for apartment communities open at least a year was $920 per month in the third quarter, compared to $899 in the same quarter in 2013, according to Axiometrics.
Related Stories
Architects | Jan 31, 2022
Heatherwick Studio proposes new public waterfront site for Seoul
Heatherwick Studio was recently selected as part of the team by the Seoul Metropolitan Government to create a new sports and cultural district for the city.
Retail Centers | Jan 31, 2022
Amazon Style: Amazon’s latest innovative physical shopping experience
In January, Amazon unveiled plans to build a physical fashion store concept, dubbed Amazon Style, in Los Angeles. The e-commerce giant says the store will offer “together the best of shopping on Amazon–great prices, selection, and convenience–with an all new shopping experience built to inspire.”
Sponsored | BD+C University Course | Jan 30, 2022
Optimized steel deck design
This course provides an overview of structural steel deck design and the ways to improve building performance and to reduce total-project costs.
Laboratories | Jan 28, 2022
3 must-know strategies for developers in today’s life sciences industry
While the life sciences industry had been steadily growing, this growth exploded when the pandemic arrived—and there is no indication that this lightning-fast pace will slow down any time soon.
Cultural Facilities | Jan 27, 2022
Growth in content providers creates new demand for soundstage facilities
Relativity Architects' Partner Tima Bell discusses how the explosion in content providers has outpaced the availability of TV and film production soundstages in North America and Europe.
Sponsored | Webinar | Jan 27, 2022
On-demand webinar: Open plenum design with baffles
With their vast, airy aesthetics, open-plan interiors offer a feel that can inspire and support occupants. But they can also create acoustical challenges that negate the effects of all that beauty. Baffles are an ideal ceiling design solution that address both aesthetics and performance.
Architects | Jan 27, 2022
Gensler’s latest design forecast is also a call to action
The firm urges the AEC industry to take the lead in creating a fairer, cleaner built environment that faces many obstacles.
Architects | Jan 26, 2022
HMC Architects Welcomes New Director of Sustainability
The Sacramento studio of leading national architecture and design firm HMC Architects has announced the appointment of new Director of Sustainability Jennifer Wehling, who joined in December
Market Data | Jan 26, 2022
2022 construction forecast: Healthcare, retail, industrial sectors to lead ‘healthy rebound’ for nonresidential construction
A panel of construction industry economists forecasts 5.4 percent growth for the nonresidential building sector in 2022, and a 6.1 percent bump in 2023.
Sponsored | Steel Buildings | Jan 25, 2022
Structural Game Changer: Winning solution for curved-wall gymnasium design
