Aug
11

Real Data: Raleigh Apartment Vacancy Rises to 6.8%

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The Raleigh-Durham metro area continues to be one of the hottest development markets in the country. Construction starts have exploded over the last two years and there are now more than 8,000 units under construction throughout the Triangle. In addition, there are nearly 5,000 units proposed to be built.

The average vacancy rate has risen to 6.8% as the first wave of new units start to come on line. Demand continues to be strong, with more than 2,400 units absorbed over the past six months. The average rental rate for an apartment in the Triangle is now at $938 per month compared to $893 six months ago.

The average vacancy rate will continue to climb as new supply enters the market. Vacancies could reach 9-10% in 2015. Rent growth is expected to slow as new supply enters the market over the next eighteen months.

Categories : Durham, Raleigh

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