{"id":7004,"date":"2023-12-15T12:27:00","date_gmt":"2023-12-15T12:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7004"},"modified":"2024-03-07T12:47:54","modified_gmt":"2024-03-07T12:47:54","slug":"november-2023-raleigh-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/november-2023-raleigh-multifamily-market-report\/","title":{"rendered":"Raleigh Multifamily Market Report \u2013 November 2023"},"content":{"rendered":"<h2>Deliveries grow, rent growth slows down<\/h2>\n<p>Despite starting 2023 on a strong note, Raleigh-Durham\u2019s multifamily market felt the impact of the cooling economy in the third quarter. Rates contracted 0.2%, to an overall average of $1,597, <strong><a href=\"\/blog\/national-multifamily-market-report\/\">10 basis points below the national rate<\/a><\/strong>. On a year-over-year basis, rent development in the metro was -1.5%, while the national rate remained positive, at 0.8%.<\/p>\n<p><iframe id=\"datawrapper-chart-piot1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/piot1\/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>Unemployment in the Triangle stagnated at 3.2% between June and August, according to preliminary data from the Bureau of Labor Statistics. However, job growth was 60 basis points above the national average, at 2.6% as of July. The most new positions were added in professional and business services and education and health services, accounting for a combined 15,300 jobs. In the third quarter, Apple filed development plans for the first phase of its Research Triangle campus, which is slated to add 3,000 positions at full buildout.<\/p>\n<p><iframe id=\"datawrapper-chart-5w3Uw\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/5w3Uw\/1\/\" height=\"417\" 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>Deliveries burgeoned, with a total of 5,167 units coming online in the first three quarters of the year, already surpassing 2022\u2019s total (3,526 units) during the same time period. However, transaction activity softened, with only $1 billion in multifamily assets traded during the first nine months of 2023. Although significantly higher than the $189,597 national average, the per-unit price took a slide, to $212,624.<\/p>\n<p>Read the full <strong><a href=\"\/publications\/download\/file\/4786-MatrixMultifamilyRaleighReport-November2023\">November 2023 report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deliveries grow, rent growth slows down Despite starting 2023 on a strong note, Raleigh-Durham\u2019s multifamily market felt the impact of the cooling economy in the third quarter. Rates contracted 0.2%, to an overall average of $1,597, 10 basis points below the national rate. On a year-over-year basis, rent development in the metro was -1.5%, while [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6678,"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-7004","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 November 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Raleigh-Durham\u2019s rent movement turned negative in the third quarter, at -0.2% on a T3 basis, lower than the U.S. 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