Economic gains are rallying rents in Raleigh, N.C.

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.

In this exclusive video interview for HorizonTV, Fred Pierce, CEO of Pierce Education Properties, developer and manager of off-campus student residences, chats with Rob Cassidy, Editor, MULTIFAMILY Design + Construction about student housing during the pandemic and what to expect for on-campus and off-campus housing in Fall 2021 and into 2022.

FGM Architects designed this facility at Northwestern University, Evanston, Ill.

Architects | Jun 2, 2021

Two new practice leaders appointed at FGM Architects

FGM Architects appoints Jan Behounek to lead Higher Education and Scott Nall to lead Federal Practice.

Building Technology | Jun 1, 2021

Orro Announces Google Nest Integration for the Orro Switch

Orro, creators of the professional-grade top-of-the-line Orro Smart Living System, today announced the integration of Nest products to Orro. As a certified partner in Google’s Device Access program, this latest Orro integration allows homeowners to have seamless control and access to Nest thermostats and doorbells from any Orro Switch throughout the home – creating a single unified smart home system with advanced, intelligent ambient control.

The rooftop deck at The Net tower in Seattle, designed by NBBJ

High-rise Construction | May 27, 2021

The anti-high rise: Seattle's The Net by NBBJ

In this exclusive video interview for HorizonTV, Ryan Mullenix, Design Partner with NBBJ, talks with BD+C's John Caulfield about a new building in Seattle called The Net that promotes wellness and connectivity.

A digital twin of Marishal Square in Scotland

Digital Twin | May 24, 2021

Digital twin’s value propositions for the built environment, explained

Ernst & Young’s white paper makes its cases for the technology’s myriad benefits.

The post-COVID-19 state of senior living design

Senior Living Design | May 19, 2021

Senior living design: Post-COVID trends and innovations

Two senior living design experts discuss the latest trends and innovations in the senior living building sector.

Multifamily Housing | May 18, 2021

Multifamily housing sector sees near record proposal activity in early 2021

The multifamily sector led all housing submarkets, and was third among all 58 submarkets tracked by PSMJ in the first quarter of 2021.

Photo: Adohi Hall at the University of Arkansas, Fayetteville, designed by Boston-based Leers Weinzapfel Associates.

Wood | May 14, 2021

What's next for mass timber design?

An architect who has worked on some of the nation's largest and most significant mass timber construction projects shares his thoughts on the latest design trends and innovations in mass timber.