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
Resiliency | Aug 19, 2021
White paper outlines cost-effective flood protection approaches for building owners
A new white paper from Walter P Moore offers an in-depth review of the flood protection process and proven approaches.
Resiliency | Aug 19, 2021
White paper outlines cost-effective flood protection approaches for building owners
A new white paper from Walter P Moore offers an in-depth review of the flood protection process and proven approaches.
Urban Planning | Aug 16, 2021
Building with bikes in mind: How cities can capitalize on the pandemic’s ‘bike boom’ to make streets safer for everyone
Since early 2020, Americans have been forced to sequester themselves in their homes with outdoor activities, in most cases, being the sole respite for social distancing. And many of people are going back to the basics with a quintessential outdoor activity: biking. Bike sales absolutely skyrocketed during the pandemic, growing by 69% in 2020.
Senior Living Design | Aug 13, 2021
Designing with dignity for senior living, with Mike Rodebaugh, LEO A DALY
In this exclusive interview for HorizonTV, Mike Rodebaugh, AIA, Senior Living Sector Leader with LEO A DALY, describes how his firm applies "hospitality magic tricks" in its senior living communities, using design to lend dignity to residents, staff, and residents' families and social circles.
Architects | Aug 5, 2021
Lord Aeck Sargent's post-Katerra future, with LAS President Joe Greco
After three years under the ownership of Katerra, which closed its North American operations last May, the architecture firm Lord Aeck Sargent is re-establishing itself as an independent company, with an eye toward strengthening its eight practices and regional presence in the U.S.
Architects | Aug 5, 2021
Lord Aeck Sargent's post-Katerra future, with LAS President Joe Greco
After three years under the ownership of Katerra, which closed its North American operations last May, the architecture firm Lord Aeck Sargent is re-establishing itself as an independent company, with an eye toward strengthening its eight practices and regional presence in the U.S.
Office Buildings | Aug 4, 2021
‘Lighthouse’ office tower will be new headquarters for A2A in Milan
The tower, dubbed Torre Faro, reimagines the company’s office spaces to adapt to people’s ever-changing needs at work.
Multifamily Housing | Jul 30, 2021
Multifamily housing for a post-COVID world
A trio of multifamily design experts presents concepts for post-pandemic apartment developments.
Architects | Jul 23, 2021
NCARB releases demographic breakdown of licensing exam pass rates
The organization is launching initiatives to figure out what’s causing disparities among candidate groups.
Wood | Jul 16, 2021
The future of mass timber construction, with Swinerton's Timberlab
In this exclusive for HorizonTV, BD+C's John Caulfield sat down with three Timberlab leaders to discuss the launch of the firm and what factors will lead to greater mass timber demand.
