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
| Mar 21, 2014
Forget wood skyscrapers - Check out these stunning bamboo high-rise concepts [slideshow]
The Singapore Bamboo Skyscraper competition invited design teams to explore the possibilities of using bamboo as the dominant material in a high-rise project for the Singapore skyline.
| Mar 21, 2014
Pier Carlo Bontempi to receive Richard H. Driehaus Prize from Notre Dame
Established in 2003 by the Notre Dame School of Architecture, the $200,000 Richard H. Driehaus Prize is awarded to a living architect whose work embodies the highest ideals of traditional and classical architecture in contemporary society, and creates a positive cultural, environmental and artistic impact.
| Mar 21, 2014
How to get more referrals
If you’re having a hard time attracting new referrals, here are a few techniques for increasing the number of interactions with potential clients.
| Mar 20, 2014
Common EIFS failures, and how to prevent them
Poor workmanship, impact damage, building movement, and incompatible or unsound substrate are among the major culprits of EIFS problems.
| Mar 20, 2014
D.C. breaks ground on $2B mega waterfront development [slideshow]
When complete, the Wharf will feature approximately 3 million sf of new residential, office, hotel, retail, cultural, and public uses, including waterfront parks, promenades, piers, and docks.
| Mar 20, 2014
13 dazzling wood building designs [slideshow]
From bold structural glulam designs to striking textured wall and ceiling schemes, these award-winning building projects showcase the design possibilities using wood.
| Mar 20, 2014
Fluor defines the future 7D deliverable without losing sight of real results today
A fascinating client story by Fluor SVP Robert Prieto reminds us that sometimes it’s the simplest details that can bring about real results today—and we shouldn’t overlook them, even as we push to change the future state of project facilitation.
| Mar 19, 2014
Architecture Billings Index shows slight improvement
The American Institute of Architects (AIA) reported that the February ABI score was 50.7, up slightly from a mark of 50.4 in January.
| Mar 19, 2014
Gehry, Zaha, Foster, Meier: Vote for your top 'starchitect' in this March Madness design legends tourney
Fast Company's Bracket Madness tournament pits 32 designers against each other to see who truly is the world's greatest living designer.
| Mar 19, 2014
Is it time to start selecting your own clients?
Will 2014 be the year that design firms start selecting the clients they want rather than getting in line with competitors to respond to RFPs? That’s the question posed by a recent thought-provoking article.
