Feb
14

Real Data: Raleigh Apartment Vacancy at 5.6%

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Construction starts have exploded over the last twelve months and there are now more than 10,000 units under construction throughout the Triangle. There are an additional 6,600 units proposed to be built. Developers remain eager to take advantage of current market conditions, but securing the necessary financing continues to be challenging.

According to the latest report by Real Data, the apartment market remains very healthy despite the number of units under construction. The average vacancy rate is now 5.6%, which remains lower than an average of 7.0% for apartments in the Southeast.

The average rental rate for an apartment in the Triangle is now $913 per month. New apartments still in lease-up continue to command the highest average rent at more than $1,200 per month, while older apartments that are more than 30 years in age rent for less than $725 per month on average.

Over the next eighteen months, vacancies will increase and rent growth is expected to slow as new supply enters the market.

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    Categories : Raleigh

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