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
| Jul 16, 2013
Robotics: A new way to demolish buildings
A robot prototype uses water jets to break up concrete structures and then sucks up the water and debris for reuse and recycling.
| Jul 15, 2013
Mergers and acquisitions transform engineering sector [2013 Giants 300 Report]
Merger and acquisition deals by MEP, commissioning, structural, and specialty engineering firms were up 14% nationwide in 2012 compared with 2011.
| Jul 15, 2013
Top Engineering/Architecture Firms [2013 Giants 300 Report]
Jacobs, AECOM, Parsons Brinckerhoff top Building Design+Construction's 2013 ranking of the largest engineering/architecture firms in the United States.
| Jul 15, 2013
Top Architecture/Engineering Firms [2013 Giants 300 Report]
Stantec, HOK, HDR top Building Design+Construction's 2013 ranking of the largest architecture/engineering firms in the United States.
| Jul 15, 2013
Top Architecture Firms [2013 Giants 300 Report]
Gensler, Perkins+Will, NBBJ top Building Design+Construction's 2013 ranking of the largest architecture firms in the United States.
| Jul 15, 2013
Zaha Hadid unveils plan for boutique condo development in New York
Related Companies taps the London-based architect for the 11-story 520 West 28th Street residential development adjacent to the High Line in Chelsea.
| Jul 12, 2013
12 award-winning healthcare projects [slideshow]
AIA's Academy of Architecture for Health announced the recipients of the 2013 AIA National Healthcare Design Awards.
| Jul 11, 2013
Bill to borrow more for college spending in Michigan criticized due to ‘higher-ed bubble’
An amendment to a Michigan appropriations budget authorizes an increase in state debt to pay for state university construction projects. But some experts see a “higher education bubble” on the horizon, and said more taxpayer debt for more buildings is a bad idea.
| Jul 11, 2013
Skanska exits U.S. Chamber of Commerce over LEED controversy
Skanska USA resigned from the U.S. Chamber of Commerce over the Chamber’s decision to support the American High-Performance Buildings Coalition.