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 | Jun 29, 2015
Getty Foundation announces second series of ‘Keeping It Modern’ grants to conserve 20th century architecture
Frank Lloyd Wright’s Unity Temple and Erich Mendelsohn’s Einstein Tower are among the 14 projects added to the Keeping It Modern grant program.
Architects | Jun 29, 2015
9 top picks for continuing education from BD+C University
A roundup of top AIA/CES Discovery courses from BD+C University.
Industrial Facilities | Jun 24, 2015
5 trends that will shape the future of scientific labs
Scientific research is increasingly focusing on data collection and analytical analysis of that data, meaning the "lab of the future" will more closely resemble contemporary tech spaces, writes Gensler’s Erik Lustgarten.
Architects | Jun 23, 2015
Architecture Billings Index back to positive territory for May 2015
The American Institute of Architects reported the May ABI score was 51.9, up from a mark of 48.8 in April.
Architects | Jun 23, 2015
If film directors designed homes, what would they look like?
From Burton to Bergman, Gondry to Greenway, artist Federico Babina illustrates what buildings would look like if designed by the world’s greatest directors.
High-rise Construction | Jun 23, 2015
The world's best new skyscrapers for 2015
One World Trade Center and Abu Dhabi's Burj Mohammed Bin Rashid Tower are among the four towers named Best Tall Buildings by the Council on Tall Buildings and Urban Habitat.
Museums | Jun 23, 2015
Moreau Kusunoki's 'art in the city' scheme wins Guggenheim Helsinki design competition
The firm’s design concept makes use of the museum’s site, turning it into a bustling, well-connected waterfront hub.
Architects | Jun 22, 2015
NCARB adopts alternative for certification of foreign architects
The change, effective July 1, 2016, will replace the current BEFA Program’s requirements, eliminating the committee dossier review and the need to document seven years of credentialed practice in a foreign country.
BIM and Information Technology | Jun 21, 2015
11 tips for mastering 3D printing in the AEC world
Early adopters provide first-hand advice on the trials and tribulations of marrying 3D printing with the science of building technology.
Events Facilities | Jun 19, 2015
4 ways convention centers are revamping for the 21st century
Today's convention centers require more flexible spaces, the ability to blend virtual and in-person events, and meaningful sustainability, writes Skanska's Tom Tingle.