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Raleigh/Durham Rent Growth Continues an Upward Trend

Raleigh/Durham Rent Growth Continues an Upward Trend

Annual rent performance in Raleigh/Durham has remained solid throughout most of the cycle, despite an apartment delivery volume which has grown existing inventory roughly 30% during the period. Throughout the supply wave, the market has maintained occupancy above the historical average, supported by robust demand. Elevated delivery volumes have suppressed rent performance over much of the past two years. However, after moderating from mid-2017 through mid-2018, rent growth has shown an upward trend in the past three quarters, with annual increases in the past two quarters landing above the national average. In 1st quarter 2019, annual rent growth in Raleigh/Durham measured 3.9%, a nine-quarter high. However, this increase was below the roughly 4.5% to 5.5% hikes recorded in 2015 and 2016.

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