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
Multifamily Housing | Apr 26, 2017
Multifamily amenity trends: The latest in package delivery centers
Package delivery centers provide order and security for the mountains of parcels piling up at apartment and condominium communities.
Multifamily Housing | Apr 26, 2017
Huh? A subway car on the roof?
Chicago’s newest multifamily development features an iconic CTA car on its amenity deck.
High-rise Construction | Apr 26, 2017
Dubai’s newest building is a giant gilded picture frame
Despite currently being under construction, the building is the center of an ongoing lawsuit filed by the architect.
Architects | Apr 25, 2017
Two Mid-Atlantic design firms join forces
Quinn Evans Architects and Cho Benn Holback + Associates have similar portfolios with an emphasis on civic work.
BIM and Information Technology | Apr 24, 2017
Reconciling design energy models with real world results
Clark Nexsen’s Brian Turner explores the benefits and challenges of energy modeling and discusses how design firms can implement standards for the highest possible accuracy.
Higher Education | Apr 24, 2017
Small colleges face challenges — and opportunities
Moody’s Investor Service forecasts that closure rates for small institutions will triple in the coming years, and mergers will double.
Healthcare Facilities | Apr 24, 2017
Treating the whole person: Designing modern mental health facilities
Mental health issues no longer carry the stigma that they once did. Awareness campaigns and new research have helped bring our understanding of the brain—and how to design for its heath—into the 21st century.
Architects | Apr 20, 2017
Design as a business strategy: Tapping data is easier than you think
We have been preaching “good design matters” for a long time, demonstrating the connection between the physical environment and employee satisfaction, individual and team performance, and an evolving organizational culture.
Architects | Apr 20, 2017
‘Gateways to Chinatown’ project seeks the creation of a new neighborhood landmark for NYC’s Chinatown
The winning team will have $900,000 to design and implement their proposal.
