Raleigh Multifamily Report – November 2024
New supply is still an issue in the Research Triangle.
Raleigh–Durham’s multifamily market ended the third quarter with a modest performance. Average advertised asking rents remained negative, down 0.5 percent on a trailing three-month basis, to $1,540, some 50 basis points lower than the U.S. rate. The metro’s average occupancy rate in stabilized properties saw contractions, as well, clocking in at 93.8 percent as of August, a 20-basispoint decrease year-over-year.
In the 12 months ending in July, the Triangle’s employment market expanded 2.4 percent, the equivalent of 27,300 net jobs. Education and health services led gains, with 9,200 new jobs. The metro’s unemployment rate stood at 3.8 percent, 50 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Gale Force Sports and Entertainment and developer Pacific Elm Properties are bringing a $1 billion project to Raleigh. The development, which is slated to begin construction in December 2025, will include shopping, dining and entertainment venues, as well as office and housing components.
With 7,639 units, or 4.0 percent of existing stock, delivered through September in Raleigh–Durham, the metro is ahead of the nation by 190 basis points. Transaction activity remained modest, with $813 million in assets changing hands, well below the highs of 2021 and 2022, when transactions totaled $9.7 billion.
