Raleigh–Durham’s Softening Figures
Raleigh–Durham’s multifamily market ended the third quarter with a modest performance. Average advertised asking rents remained negative, down 0.5% on a trailing three-month basis, to $1,540, some 50 basis points lower than the U.S. rate, as per the national multifamily market report. The metro’s average occupancy rate in stabilized properties saw contractions, as well, clocking in at 93.8% as of August, a 20-basis point decrease year-over-year, according to the latest Raleigh multifamily market report.
In the 12 months ending in July, the Triangle’s employment market expanded 2.4%, the equivalent of 27,300 net jobs. Education and health services led gains, with 9,200 new jobs. The metro’s unemployment rate stood at 3.8%, 50 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Gale Force Sports and Entertainment and developer Pacific Elm Properties are bringing a $1 billion project to Raleigh. The development, which is slated to begin construction in December 2025, will include shopping, dining and entertainment venues, as well as office and housing components.
With 7,639 units, or 4.0% of existing stock, delivered through September in Raleigh–Durham, the metro is ahead of the nation by 190 basis points. Transaction activity remained modest, with $813 million in assets changing hands, well below the highs of 2021 and 2022, when transactions totaled $9.7 billion.
Read the full Yardi Matrix Raleigh Multifamily Market Report: November 2024
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