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
| Feb 13, 2013
'Vegetative tower' apartments to revive NYC site
A Manhattan site formerly slated for development with a "tower of cubes"—a now-defunct project by Santiago Calatrava—will be revived with a 998-foot, 300,000-sf apartment building by Morali Architects.
| Feb 13, 2013
Fast Company selects 'most innovative' architecture firms
Business innovation magazine Fast Company has released a list of 10 "most innovative" architectural practices, worldwide.
| Feb 12, 2013
OMA's 'perimeter core' design wins competition for Essence Financial Building in Shenzhen
OMA partners David Gianotten and Rem Koolhaas rethink traditional office tower design with a plan that shifts the building's core to the edge for large, unobstructed plans.
| Feb 11, 2013
AIA elevates 122 members and seven international architects to the College of Fellows
The 2013 Jury of Fellows from the American Institute of Architects (AIA) elevated 122 AIA members to its prestigious College of Fellows, an honor awarded to members who have made significant contributions to the profession. The 2013 Fellows will be honored at an investiture ceremony at the 2013 National AIA Convention and Design Exposition in Denver.
| Feb 8, 2013
5 factors to consider when designing a shade system
Designing a shade system is more complex than picking out basic white venetian blinds. Here are five elements to consider when designing an interior shade system.
| Feb 8, 2013
Isabella Stewart Gardner Museum’s new wing voted Boston’s 'most beautiful new building'
Bostonians voted the Isabella Stewart Gardner Museum's new wing the People's Choice Award winner for 2012, honoring the project as the city's "most beautiful new building" for the calendar year. The new wing, designed by Renzo Piano and Stantec, beat out three other projects on the short list.
| Feb 6, 2013
Arcadia (Calif.) High School opens $20 million performing arts center
A 60-year old wish for the community of Arcadia has finally come true with the opening of Arcadia Unified School District’s new $20 million Performing Arts Center.
| Feb 6, 2013
CSI: Revitalizing the brand to achieve the mission
CSI is revitalizing its brand as part of its continued pursuit of its mission: improving facility performance through better communication in the commercial-level construction industry.
