Demand for apartments in the Raleigh-Durham metro area remains strong, squeezing the average vacancy rate to a historic low of 4.9%. New development in the pipeline continues to grow, with more than 11,000 units currently under construction or proposed throughout the area. The most active submarket is Wake-Central, which includes downtown Raleigh, where there are nearly 2,000 units under construction. Rent growth for apartments also remains strong, with the average rental rate now at $1,210 per month. Wake-Central has the highest average rent at $1,306 per month. The average vacancy rate is expected to remain between 5.0% and 6.0% in the coming year and rent growth is expected to remain strong.
Source: Real Data Analytics