{"id":6127,"date":"2023-07-20T04:33:43","date_gmt":"2023-07-20T04:33:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6127"},"modified":"2023-07-27T10:45:30","modified_gmt":"2023-07-27T10:45:30","slug":"raleigh-multifamily-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2023\/","title":{"rendered":"Raleigh Multifamily Market Report \u2013 June 2023"},"content":{"rendered":"<h2>Rent Gains Pick Up the Pace<\/h2>\n<p>The Raleigh-Durham multifamily market is showing signs of improving fundamentals. After a decline that started last year and <a href=\"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-february-2023\/\"><strong>continued through early 2023<\/strong><\/a>, the metro\u2019s 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%.<\/p>\n<p><iframe id=\"datawrapper-chart-84C7e\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/84C7e\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>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\u2014the largest addition in the market\u2014although 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.<\/p>\n<p><iframe id=\"datawrapper-chart-2jq63\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/2jq63\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>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.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4065-MatrixMultifamilyRaleighReport-June2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Raleigh Report-June 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,459],"class_list":["post-6127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-raleigh"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Raleigh Multifamily Market Report \u2013 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Raleigh\u2019s T3 rents have risen this year following a slowdown in late 2022, up 0.3% as of April, 10 basis points higher than the U.S.\" \/>\n<meta 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