Feb
20

Real Data: Raleigh Apartment Market Snapshot

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The new construction boom in the Triangle is well underway with over 9,200 units currently under construction and another 6,300 units proposed to be built. The apartment market remains very healthy despite the number of units under construction. The average vacancy rate is now 5.5%, which is the lowest rate reported since 1998.

The average rental rate for an apartment in the Triangle is now $868 per month. New apartments still in lease-up continue to command the highest average rent at more than $1,400 per month, while older apartments that are more than 30 years in age rent for less than $700 per month on average.

The outlook remains bright for the Triangle apartment market. As the wave of new supply begins to come on line later this year and throughout 2014, we expect to see a modest pull back in occupancies.

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    Categories : Raleigh

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