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Market Report

North Carolina Multifamily Market Report

Second Quarter, 2019

Rent Growth Surges in North Carolina as Development Fades

Construction cycle peak behind largest North Carolina metros. Developers are slowing the pace of supply additions, which should support tighter vacancy in Charlotte and Raleigh. Greensboro, on the other hand, requires stronger demand-side fundamentals to reverse course. Core locations remain the primary focus for construction firms due to strong demand and higher rents that justify elevated building costs. Additionally, the extended development timelines for high-rise projects have pushed some projects that broke ground during the cyclical peak into 2019 completions. Two of the largest developments slated for completion this year, Bradham at New Bern and Uptown 550 in Charlotte, which account for more than 800 units in buildings over six stories, broke ground in the second half of 2017 and are coming online in the second quarter.

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