Feb
09

Real Data: Raleigh Apartment Vacancy at 6.5%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are now more than 7,000 units under construction and another 5,000 units proposed throughout the Triangle.

The most active submarket is Wake-Central, where more than 2,400 new units are under construction. This submarket also has the highest vacancy rate at 9.8%. Vacancies are expected to remain relatively high in Wake-Central as new development projects continue to come on line.

The overall vacancy rate has improved to 6.5%. Demand was strong with over the last six months. Supply growth slowed over the same time period, due in part to the demolition of three older communities where new developments are now planned.

The average rental rate for an apartment in the Triangle is now at $1,007 per month or $1.048 per square foot.

Categories : Raleigh

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