Read the latest Yardi Matrix Raleigh Multifamily Market Report.
Rents Contract, Development Booms
Raleigh–Durham ended the year with a decline in rent movement amid significant construction activity, as per the latest Yardi Matrix Raleigh multifamily market report. Average advertised asking rents were down 0.6% on a three-month basis through December, to $1,520. Rents also contracted year-over-year, down 3.1%, while the U.S. average marked a 0.6% expansion, as per the national multifamily market report.
The Research Triangle recorded a 2.4% employment expansion as of November, with a net gain of 22,600 jobs over 12 months. This pace was nearly double the 1.3% 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% 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.
Read the full Yardi Matrix Raleigh Multifamily Market Report: February 2025
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