Real Data: Raleigh Apartment Vacancy at 6.1%


raleighThe Raleigh-Durham metro area continues to be an active market for new development. There are currently almost 7,000 units under construction throughout the Triangle. In addition, there are 5,000 units proposed to be built. The average vacancy rate has improved to 6.1% due to strong demand over the past year; nearly 4,000 units were absorbed by the market over the same time period.

The average rental rate for an apartment in the Triangle is now at $1,064 per month, which is up from $1,008 one year ago. The average vacancy rate should hold around 7% in the coming year. Rental rates are expected to grow by 3% over the same time period.

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