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 7, 2014
Learning from common leadership errors
As a leader in the AEC world, you’ll likely find yourself making certain mistakes over the course of your career. Here are a few common leadership errors that can easily be avoided.
| Mar 6, 2014
BD+C wants to hear about your breakthrough ideas and projects for the Giants 300 report
BD+C's 2014 Giants 300 survey form is now available. But completing the survey is just one way to participate in the July Giants issue.
| Mar 6, 2014
Must see: Tour Seinfeld's apartment with virtual reality headset
Fans of the show can now explore a virtual 3D model of the iconic New York residence, thanks to one Web designer's painstaking effort.
| Mar 5, 2014
5 tile design trends for 2014
Beveled, geometric, and high-tech patterns are among the hot ceramic tile trends, say tile design experts.
| Mar 4, 2014
How EIFS came to America
Design experts from Hoffmann Architects offer a brief history of exterior insulation and finish systems in the U.S.
| Mar 4, 2014
If there’s no ‘STEM crisis,’ why build more STEM schools?
Before you get your shorts in a knot, I have nothing against science, technology, engineering, or even mathematics; to the contrary, I love all four “STEM” disciplines (I’m lying about the math). But I question whether we need to be building K-12 schools that overly emphasize or are totally devoted to STEM.
| Mar 3, 2014
Negotiate your way to success
There are few business skills as important as negotiation. Many successful businesspeople pride themselves on their ability to turn a deal in their favor. Here are a few key negotiation principles to ensure you’re generally getting a good deal.
| Mar 3, 2014
5 ways to gain clients you actually like
Gaining more clients is one thing. Gaining more clients that you actually like is something else entirely. Here are some tips to perfect the art of attracting and retaining clients that you enjoy working with.
| Mar 3, 2014
Engineering and construction CEOs are cautiously optimistic about the global economy, says PwC
Firm leaders remain leery about the availability of skilled workers, the state of government debt and deficits, and rising material prices, according to PwC’s 2014 Global CEO Survey.
| Mar 1, 2014
Dramatic fractal roof highlights SOM's new Mumbai airport terminal [slideshow]
The terminal merges new technology and traditional regional architecture, notably in the fractal roof canopy that runs throughout the terminal.
