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
Museums | Jul 29, 2019
A new museum debuts inside the Empire State Building
A $165 million, 10,000-sf museum opened on the second floor of the Empire State Building in New York City, completing the second of a four-phase “reimagining” of that building’s observatory experience, which draws four million visitors annually.
Multifamily Housing | Jul 23, 2019
Is prefab in your future?
The most important benefit of offsite construction, when done right, is reliability.
Healthcare Facilities | Jul 15, 2019
Can a kids’ healthcare space teach, entertain, and heal?
Standard building requirements don’t have to be boring. Here’s how you can inject whimsical touches into everyday design features.
Architects | Jul 10, 2019
9 picks from NeoCon 2019
Interior architect Mary Bartlett selects her favorite products and systems from the 2019 NeoCon show, Chicago, June 10-12, 2019.
BD+C University Course | Jul 8, 2019
Shadow box design: To vent or not to vent [AIA course]
A curtain wall shadow box is a spandrel assembly consisting of vision glass at the building exterior and an opaque infill at the interior side of the curtain wall system. This course is worth 1.0 AIA LU/HSW.
Architects | Jul 8, 2019
Unity Temple, Robie House among eight Frank Lloyd Wright projects to receive World Heritage status
The UNESCO designation includes signature works designed by Wright during the first half of the 20th century.
Architects | Jul 1, 2019
Perkins Eastman Co-founder Mary-Jean Eastman to keynote Women in Design+Construction Conference
Two of Perkins Eastman’s firm leaders—Mary-Jean Eastman, FAIA, Vice Chair and Managing Principal of its New York City studio, and Barbara Mullenex, AIA, Managing Principal of the Washington, D.C., studio—will share anecdotes about their personal journeys to the top of a global architecture, design, and planning firm, at Building Design+Construction's fourth annual Women in Design+Construction Conference. The event will take place November 11-13, 2019, at the Fairmont Scottsdale Princess resort in Scottsdale, Ariz.
Sports and Recreational Facilities | Jun 27, 2019
Foster + Partners unveils design of wooden boathouse for Row New York
The project will sit on the banks of the Harlem River in Sherman Creek Park.
Building Tech | Jun 26, 2019
Modular construction can deliver projects 50% faster
Modular construction can deliver projects 20% to 50% faster than traditional methods and drastically reshape how buildings are delivered, according to a new report from McKinsey & Co.
Architects | Jun 24, 2019
Clayco combines architecture and design assets into one business unit
Lamar Johnson Collaborative adds BatesForum.
