Metro Reports Multifamily Market Real Estate Trends

Raleigh Multifamily Market Report – June 2023

Raleigh Multifamily Market Report June 2023
Photo by Ultima_Gaina/

Rent Gains Pick Up the Pace

The Raleigh-Durham multifamily market is showing signs of improving fundamentals. After a decline that started last year and continued through early 2023, the metro’s rent growth finally picked up. The average rate climbed 0.3% on a trailing three-month basis through April, to $1,604. Meanwhile, occupancy dropped 130 basis points in the 12 months ending in April, to 94.1%.

Raleigh-Durham unemployment was 3.1% in March, the same rate as the previous two months and 40 basis points below the national average, according to preliminary data from the Bureau of Labor Statistics. The leisure and hospitality sector led job expansion, with a 9% year-over-year increase. Professional and business services added 10,200 positions—the largest addition in the market—although this figure is expected to increase, as a $3 billion RXR Realty mixed-use project is coming to the Research Triangle. The development could encompass up to 3.5 million square feet of space for life science research, logistics, education, retail and hospitality.

Developers had 25,140 units under construction as of April, with 91.9% concentrated in upscale projects. In the first four months of 2023, the market had a transaction volume of $383 million.

Read the full Matrix Multifamily Raleigh Report-June 2023

About the author

Madalina Pojoga

Madalina Pojoga has a background in film studies and performative arts. She has been an associate editor with Commercial Property Executive and Multi-Housing News since 2022. Her current work centers on self storage, the industrial and medical office building sectors, as well as data-driven reports on the multifamily market.

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