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Market Report

Raleigh Multifamily Investment Forecast

2020 Outlook

Job Additions Lure Residents; Optimistic Trends Boost Investment Activity

 

Employment and household growth exceed national average, bolster rental market. The region’s world-class universities provide the foundation for a highly educated workforce that is drawing companies to the region. Additionally, Xerox recently announced plans to build a Center of Excellence in Cary that will create 600 new well-paying jobs. Since 2015, more than 100,000 positions have been created throughout the metro and this year’s gain will hold it in the top 10 nationwide in terms of the percentage increase among major markets. The abundance of employment opportunities, a favorable quality of life and a more affordable cost of living are enticing more residents to the region. Over the past five years, household gains that average more than 16,800 annually have placed the metro among the fastest growing in the U.S. This trend will continue in 2020, generating demand for the many rentals underway, which will keep vacancy on its downward trajectory. As a result, rents will advance, eclipsing $1,200 per month for the first time.

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