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
Green | Apr 8, 2024
LEED v5 released for public comment
The U.S. Green Building Council (USGBC) has opened the first public comment period for the first draft of LEED v5. The new version of the LEED green building rating system will drive deep decarbonization, quality of life improvements, and ecological conservation and restoration, USGBC says.
Codes and Standards | Apr 8, 2024
Boston’s plans to hold back rising seawater stall amid real estate slowdown
Boston has placed significant aspects of its plan to protect the city from rising sea levels on the actions of private developers. Amid a post-Covid commercial development slump, though, efforts to build protective infrastructure have stalled.
Sustainability | Apr 8, 2024
3 sustainable design decisions to make early
In her experience as an architect, Megan Valentine AIA, LEED AP, NCARB, WELL AP, Fitwel, Director of Sustainability, KTGY has found three impactful sustainable design decisions: site selection, massing and orientation, and proper window-to-wall ratios.
Brick and Masonry | Apr 4, 2024
Best in brick buildings: 9 projects take top honors in the Brick in Architecture Awards
The Ace Hotel Toronto, designed by Shim-Sutcliffe Architects, and the TCU Music Center by Bora Architecture & Interiors are among nine "Best in Class" winners and 44 overall winners in the Brick Industry Association's 2023 Brick in Architecture Awards.
Retail Centers | Apr 4, 2024
Retail design trends: Consumers are looking for wellness in where they shop
Consumers are making lifestyle choices with wellness in mind, which ignites in them a feeling of purpose and a sense of motivation. That’s the conclusion that the architecture and design firm MG2 draws from a survey of 1,182 U.S. adult consumers the firm conducted last December about retail design and what consumers want in healthier shopping experiences.
Healthcare Facilities | Apr 3, 2024
Foster + Partners, CannonDesign unveil design for Mayo Clinic campus expansion
A redesign of the Mayo Clinic’s downtown campus in Rochester, Minn., centers around two new clinical high-rise buildings. The two nine-story structures will reach a height of 221 feet, with the potential to expand to 420 feet.
Sports and Recreational Facilities | Apr 2, 2024
How university rec centers are evolving to support wellbeing
In a LinkedIn Live, Recreation & Wellbeing’s Sadat Khan and Abby Diehl joined HOK architect Emily Ostertag to discuss the growing trend to design and program rec centers to support mental wellbeing and holistic health.
Architects | Apr 2, 2024
AE Works announces strategic acquisition of WTW Architects
AE Works, an award-winning building design and consulting firm is excited to announce that WTW Architects, a national leader in higher education design, has joined the firm.
Office Buildings | Apr 2, 2024
SOM designs pleated façade for Star River Headquarters for optimal daylighting and views
In Guangzhou, China, Skidmore, Owings & Merrill (SOM) has designed the recently completed Star River Headquarters to minimize embodied carbon, reduce energy consumption, and create a healthy work environment. The 48-story tower is located in the business district on Guangzhou’s Pazhou Island.
K-12 Schools | Apr 1, 2024
High school includes YMCA to share facilities and connect with the broader community
In Omaha, Neb., a public high school and a YMCA come together in one facility, connecting the school with the broader community. The 285,000-sf Westview High School, programmed and designed by the team of Perkins&Will and architect of record BCDM Architects, has its own athletic facilities but shares a pool, weight room, and more with the 30,000-sf YMCA.
