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Market Report

Raleigh Multifamily Market Report

2Q 2023

Apartment Sector Faces Flux,
Awaiting High-Profile Corporate Expansions

Long-term job outlook validates construction. Additional recalibration is set for 2023, as supply additions eclipse 11,000 units annually for the first time on record, following a historically-large vacancy rise last year. Still, Raleigh-Durham has compelling growth prospects, suggesting this pipeline is warranted longer-term. The metro is hosting expansions from tech firms like Apple and Meta, who are drawn by a world-class talent pool as 44 percent of residents hold at least a bachelor’s degree. Combined with a notably lower cost-of-living relative to other highly-educated markets, such as San Jose or Boston, the metro may be the site of additional tech expansions, following a sector-wide restructuring occurring this year. These companies are nevertheless planning for the long-term, signaling to developers an approaching need for more apartments. Apple, for example, plans to fill 3,000 roles locally, many of whom may join the luxury renter pool.

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