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
| May 8, 2014
Perfecting prefab: 8 tips for healthcare construction projects
Leading AEC firms offer helpful advice for using BIM to pull off prefab for everything from MEP infrastructure to whole bathrooms.
| May 8, 2014
Don’t bother planning for the future - it doesn’t care about you
Though strategic planning has helped many businesses move forward, its time has passed. So says Economist and Author Bill Conerly. SPONSORED CONTENT
| May 8, 2014
Infographic: 4 most common causes of construction site fatalities
In honor of Safety Week, Skanska put together this nifty infographic on how to prevent deadly harm in construction.
| May 8, 2014
Sporting events in style: Infographic showcases novel stadiums of the world
UK precast concrete maker Banagher, which specializes in precast stadia solutions, has assembled a list of the world's top stadiums in terms of architectural and structural design.
| May 7, 2014
Design competition: $900,000 on the line in Las Vegas revitalization challenge
Las Vegas Mayor Carolyn Goodman wants your economic development ideas for remaking four areas within the city, including the Cashman Center and the Las Vegas Medical District.
| May 6, 2014
'Beyond' is artist's cinematic take on 2.5 years of development in the UAE
Seven-minute video offers a time-lapse trip through the built environments of Abu Dhabi and Dubai.
| May 6, 2014
'Ugliest building in New Jersey' finally getting facelift
After a decade of false starts and mishaps, the American Dream mall in the Meadowlands may finally get built.
| May 5, 2014
Toronto residential tower to feature drawer-like facade scheme
Some of the apartments in the new River City development will protrude from the building at different lengths, creating a drawer-like "push-pull" effect.
| May 5, 2014
Tragic wired glass injury makes headlines yet again
In the story, a high school student pushed open a hallway door glazed with wired glass. His arm not only broke the glass, but penetrated it, causing severe injuries. SPONSORED CONTENT
