{"id":7620,"date":"2024-03-07T09:50:00","date_gmt":"2024-03-07T09:50:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7620"},"modified":"2024-07-29T09:59:49","modified_gmt":"2024-07-29T09:59:49","slug":"raleigh-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-february-2024\/","title":{"rendered":"Raleigh Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/raleigh-multifamily-market-report\/\">Raleigh Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rent Gains Negative, Construction Steady<\/h2>\n<p>Raleigh\u2013Durham closed the year with rent movement in negative territory, while construction was still solid. Rents were down 0.7% on a T3 basis through December, to $1,553. Growth also declined on a year-over-year basis, at -2.9%, while <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>the U.S. average multifamily rate<\/strong><\/a> marked a 0.3% increase.<\/p>\n<p><iframe id=\"datawrapper-chart-nej9r\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/nej9r\/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>As of October, Raleigh\u2013Cary had an unemployment rate of 3.0%, well below the national and state averages, according to Bureau of Labor Statistics data. The metro\u2019s workforce grew by 41,600 positions with the leisure and hospitality sector leading expansion, up 9.4% year-over-year. However, the education and health services sector had the largest increase in absolute numbers, adding 10,900 jobs. As part of an $8.2 billion funding package for 10 major passenger rail projects nationwide, the North Carolina Department of Transportation secured $1.1 billion in federal grants. This funding will facilitate construction on a project that will eventually connect Raleigh to Richmond, Va.<\/p>\n<p><iframe id=\"datawrapper-chart-I5svd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/I5svd\/1\/\" height=\"423\" 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>In December, the metro\u2019s new-development pipeline included 28,487 units under construction as well as 107,000 units in the planning and permitting stages. Meanwhile, on the transaction side, multifamily sales in Raleigh\u2013Durham amounted to $1.7 billion in 2023, marking a 59% drop compared to the prior year\u2019s sales volume.<\/p>\n<p>Read the full Yardi Matrix Raleigh Multifamily Market Report: <strong><a href=\"\/publications\/download\/file\/5077-MatrixMultifamilyRaleighReport-February2024\">February 2024<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Gains Negative, Construction Steady Raleigh\u2013Durham closed the year with rent movement in negative territory, while construction was still solid. Rents were down 0.7% on a T3 basis through December, to $1,553. Growth also declined on a year-over-year basis, at -2.9%, while the U.S. average multifamily rate marked a 0.3% increase. As of October, Raleigh\u2013Cary [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,459],"class_list":["post-7620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 February 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Raleigh-Durham rents sank downward in December, falling 0.7% on a T3 basis and 2.9% YoY, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" 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