Raleigh Multifamily Report – February 2025
Despite strong demand, new supply is taking its toll in the short run.
Raleigh–Durham ended the year with a decline in rent movement amid significant construction activity. Average advertised asking rents were down 0.6 percent on a three-month basis through December, to $1,520. Rents also contracted year-over-year, down 3.1 percent, while the U.S. average marked a 0.6 percent expansion.
The Research Triangle recorded a 2.4 percent employment expansion as of November, with a net gain of 22,600 jobs over 12 months. This pace was nearly double the 1.3 percent U.S. average. The education and health services sector was the top contributor, with 10,200 jobs added. The local unemployment rate was also well below the U.S. average, which stood at 4.2 percent as of November, according to data from the Bureau of Labor Statistics. Amgen recently unveiled its drug substance facility in Holly Springs, N.C., concurrently kicking off its $1 billion expansion at the Amgen North Carolina location. The company teamed up with Wake Tech Community College for an 18-month collaboration intended to spur employment in biomanufacturing.
Raleigh–Durham deliveries hit a decade high last year, with 12,002 units completed, double the previous five-year average. The metro had another 20,272 units under construction at the start of 2025. Meanwhile, multifamily sales reached $1 billion in 2024, a considerable drop from 2023’s $1.8 billion.
