Aug
05

Real Data: Raleigh-Durham Apartment Vacancy Ticks Up

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up graphh2According to Real Date, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 6,000 units under construction throughout the Triangle. In addition, there are 4,000 units proposed to be built.

The average vacancy rate has risen to 7.4% due to new units coming on line. Demand continues to be strong, with 5,000 units absorbed over the past year.

The average rental rate for an apartment in the Triangle is now at $1,008 per month, which is a significant increase compared to $938 one year ago. The average vacancy rate will continue to climb as new supply enters the market. Vacancies could reach 8% in 2016. Rent growth is expected to slow as new supply enters the market over the next eighteen months.

Categories : Durham, Raleigh

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