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
Sports and Recreational Facilities | Apr 13, 2015
USTA breaks ground on what will be the country’s largest tennis complex
The 63-acre facility is being positioned as a cornerstone for a sports innovation and performance district in Lake Nona, Fla., a 7,000-acre master planned community that continues to expand.
Building Team Awards | Apr 10, 2015
14 projects that push AEC teaming to the limits
From Lean construction to tri-party IPD to advanced BIM/VDC coordination, these 14 Building Teams demonstrate the power of collaboration in delivering award-winning buildings. These are the 2015 Building Team Award winners.
Building Team Awards | Apr 10, 2015
Prefab saves the day for Denver hospital
Mortenson Construction and its partners completed the 831,000-sf, $623 million Saint Joseph Hospital well before the January 1, 2015, deadline, thanks largely to their extensive use of offsite prefabrication.
Building Team Awards | Apr 10, 2015
Anaheim’s soaring intermodal hub
Anaheim's Regional Transportations Intermodal Center is the largest ETFE project in North America.
Building Team Awards | Apr 10, 2015
Virtual collaboration helps complete a hospital in 24 months
PinnacleHealth needed a new hospital STAT! This team delivered it in two years, start to finish.
Building Team Awards | Apr 10, 2015
New arts venue reinvigorates Virginia Tech's campus
The STV-led Building Team creates a world-class performance and arts venue with learning and entrepreneurial dimensions.
BIM and Information Technology | Apr 9, 2015
A carboard box by Google can bring virtual reality to architecture
The global search engine giant has launched a new product, Google Cardboard, that easily allows users to experience virtual reality.
Building Team Awards | Apr 9, 2015
Multifaced fitness center becomes campus landmark
A sloped running track and open-concept design put this Building Team to the test.
Building Team Awards | Apr 9, 2015
Nation's first LEED-certified bus depot
A bus garage in Harlem shows that even the most mundane of facilities can strut its environmentally sensitive stuff.
Building Team Awards | Apr 9, 2015
Setting the bar for port-of-entry design
Whenever you eat a tomato from Mexico, there’s a one-in-three chance it came through this LEED Gold gateway.