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
| Nov 12, 2014
Collaboration as competitive advantage
A collaborative planning and design process may seem like a common-sense goal, but the concept can be a challenge to achieve in the fragmented AEC industry. SPONSORED BLOG
Sponsored | | Nov 12, 2014
Williams Scotsman plugs into the jobsite
Many of our customers conduct important business from their temporary modular jobsite office and most require access to technology to get their job done effectively and efficiently. SPONSORED CONTENT
| Nov 12, 2014
Chesapeake Bay Foundation completes uber-green Brock Environmental Center, targets Living Building certification
More than a decade after opening its groundbreaking Philip Merrill Environmental Center, the group is back at it with a structure designed to be net-zero water, net-zero energy, and net-zero waste.
| Nov 12, 2014
Refocusing the shifted line
A recent trend in the practice of architecture that I’ve been noticing is the blurring of responsibility between design and construction coordination. I’m not sure why this trend began, but the subject is worth exploring, writes FXFOWLE's Mark Nusbaum.
| Nov 12, 2014
Designs by three finalists for new Beethoven concert hall unveiled
David Chipperfield and Valentiny are among the finalists for a new concert hall being built to commemorate Beethoven’s 250th birthday in his hometown of Bonn, Germany.
| Nov 12, 2014
Forbes: Houston is America's #1 construction hotspot
A new list of America's 20 biggest boomtowns shows Houston on top, with New York City close behind, followed by Dallas, Washington, D.C., and Los Angeles.
| Nov 11, 2014
Must see: Artist pairs up Hollywood icons with famous modern architecture
In his latest series, Federico Babina illustrated 17 iconic Hollywood personalities, from Marilyn Monroe to Michael Caine, interacting with famous 20th century homes.
| Nov 11, 2014
Renzo Piano's third building at London Bridge Quarter approved, will be built adjacent to the Shard
Renzo Piano Building Workshop has been granted planning approval for its residential building at London Bridge Quarter—a 26-story apartment tower dubbed Feilden House.
| Nov 10, 2014
5 guiding principles for solving airflow issues in open-plenum office spaces
Although architecturally appealing, exposed ceilings can create unwanted drafts and airflow problems if not engineered correctly. McGuire Engineers' Bill Stangeland offers tips for avoiding airflow issues on these projects.
| Nov 10, 2014
Clemson, Parsons architecture education programs honored for innovation, long-term impact
The architecture programs at Parsons The New School for Design and Clemson University have been selected as 2014 NCARB Award recipients for developing innovative curricula that merge practice and education.
