{"id":8101,"date":"2024-07-25T13:10:00","date_gmt":"2024-07-25T13:10:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8101"},"modified":"2024-12-04T13:18:53","modified_gmt":"2024-12-04T13:18:53","slug":"raleigh-multifamily-market-report-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/","title":{"rendered":"Raleigh Multifamily Market Report \u2013 June 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 Decline Persists Amid Supply Surge<\/h2>\n<p>Raleigh-Durham\u2019s multifamily market displayed a more subdued performance, likely impacted by the cooling economy, according to the latest Raleigh multifamily market report. Rents were down 0.1% on a trailing three-month basis, to $1,548, 40 basis points lower than the national rate, with Yardi Matrix predicting a 0.6% contraction for the year. The average overall occupancy rate in stabilized properties decreased by 50 basis points year-over-year, to 93.6%, with the Renter-by-Necessity segment recording a sharper, 70-basis-point decline.<\/p>\n<p><iframe id=\"datawrapper-chart-30wGo\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/30wGo\/1\/\" height=\"320\" 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>The job market in the Research Triangle expanded by 2.6% in the 12 months ending in February, adding 27,400 net jobs. The metro\u2019s growth rate was 110 basis points above the national average, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Education and health services led gains with 8,900 jobs. The area\u2019s jobless rate stood at 3.3% as of March, 50 basis points below the U.S. figure. FujiFilm Diosynth Biotechnologies plans to add 1.3 million square feet to the Triangle with the development of a CDMO facility. With a $1.2 billion investment in the project, plans include adding 680 jobs by 2031.<\/p>\n<p><iframe id=\"datawrapper-chart-dLzio\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Raleigh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/dLzio\/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>With 3,013 units, or 1.6% of existing stock, delivered through April, the metro outpaced the nation by 100 basis points, although construction starts significantly declined from the beginning of the year. Transaction activity remains scarce, with only $250 million in assets changing hands, in line with a decline that began in 2022.<\/p>\n<p>Read the full Yardi Matrix Raleigh Multifamily Market Report: <strong><a href=\"\/publications\/download\/file\/5796-MatrixMultifamilyRaleighReport-June2024\">June 2024<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Decline Persists Amid Supply Surge Raleigh-Durham\u2019s multifamily market displayed a more subdued performance, likely impacted by the cooling economy, according to the latest Raleigh multifamily market report. Rents were down 0.1% on a trailing three-month basis, to $1,548, 40 basis points lower than the national rate, with Yardi Matrix predicting a 0.6% contraction for [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7623,"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-8101","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 June 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Raleigh-Durham\u2019s advertised rents were down 0.1% on a T3 basis through April, to $1,548, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raleigh Multifamily Market Report \u2013 June 2024\" \/>\n<meta property=\"og:description\" content=\"Raleigh-Durham\u2019s advertised rents were down 0.1% on a T3 basis through April, to $1,548, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T13:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T13:18:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Raleigh Multifamily Market Report \u2013 June 2024 - Yardi Matrix Blog","description":"Raleigh-Durham\u2019s advertised rents were down 0.1% on a T3 basis through April, to $1,548, Yardi Matrix data shows.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/","og_locale":"en_US","og_type":"article","og_title":"Raleigh Multifamily Market Report \u2013 June 2024","og_description":"Raleigh-Durham\u2019s advertised rents were down 0.1% on a T3 basis through April, to $1,548, Yardi Matrix data shows.","og_url":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-07-25T13:10:00+00:00","article_modified_time":"2024-12-04T13:18:53+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","type":"image\/jpeg"}],"author":"Adina Rogoz","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Madalina Pojoga","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/"},"author":{"name":"Adina Rogoz","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8"},"headline":"Raleigh Multifamily Market Report \u2013 June 2024","datePublished":"2024-07-25T13:10:00+00:00","dateModified":"2024-12-04T13:18:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/"},"wordCount":233,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","keywords":["Multifamily Outlook 2024","Raleigh"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/","url":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/","name":"Raleigh Multifamily Market Report \u2013 June 2024 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","datePublished":"2024-07-25T13:10:00+00:00","dateModified":"2024-12-04T13:18:53+00:00","description":"Raleigh-Durham\u2019s advertised rents were down 0.1% on a T3 basis through April, to $1,548, Yardi Matrix data shows.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","width":1200,"height":628,"caption":"Photo by Eli Wilson\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/raleigh-multifamily-market-report-june-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Raleigh Multifamily Market Report \u2013 June 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8","name":"Adina Rogoz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7708bca9e09cc5676d0f96a14b833143f233709c6888184035d1e1f75c05fabb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7708bca9e09cc5676d0f96a14b833143f233709c6888184035d1e1f75c05fabb?s=96&d=mm&r=g","caption":"Adina Rogoz"},"description":"Adina Rogoz is a Senior Associate Editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2016 and is writing real estate related news, blog articles, reports and Q&amp;As. \ud83d\udce7 You can reach out to her at adina.rogoz@cpe-mhn.com","url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Raleigh-iStock-2149688054.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/436"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=8101"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8101\/revisions"}],"predecessor-version":[{"id":8105,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8101\/revisions\/8105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7623"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=8101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=8101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=8101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}