Raleigh 1Q24 Multifamily Market Insights Report: Supply and demand both elevated to start 2024

Highlights: 

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• Property performance metrics in the Raleigh-Durham multifamily market were mixed during the first quarter, as the vacancy rate ticked slightly higher and asking rents trended up. Net absorption gained momentum amid nearly 2,700 units of new supply.
• The vacancy rate at the close of the first quarter climbed 20 basis points to 7.7%, up 110 basis points year over year. New deliveries in lease-up contributed to the lower overall occupancy trend.
• Rents trended higher in recent months after declining during the previous two quarters. Asking rents rose by 0.8% during the first quarter, reaching $1,585 per month. Rents are almost on par with where the first quarter ended in 2023.
• Multifamily properties continue to trade, but transaction volume during the first quarter lagged levels recorded in 2023. The median price to this point in the year is $230,500 per unit, while cap rates averaged 5.5%.

Read the report or contact our Raleigh office to learn more.