Strong demand and limited new supply have pushed the average occupancy rate for apartments in the Triangle to its highest level in over ten years. Not since 1999 has the average occupancy rate in the Triangle been higher than the current 93.3%. Construction starts have been down over the previous two year period, causing the rate of new supply to dwindle. However, in the last six months construction started on just over 1,000 units throughout the metro area. The total number of units under construction is now at almost 2,000 and there are another 7,000 units proposed.
Rental rates are also on the rise, with same-store rents experiencing strong gains over the past eighteen months. The average rental rate for an apartment in the Triangle is now $824 per month. New apartments in lease-up continue to command the highest rents in the market with an average rate close to $1,200 per month.
Trademark Properties and Mike Wright are proud to announce they have been retained as exclusive listing agent for Carters Mill Apartments in Raleigh. This is an exciting opportunity for a hands on investor to acquire 132 apartments in the sought after Triangle market.
For more information click on the below link:
By: Michael Wright
Senior Real Estate Investment Advisor
919.217.3005 Direct
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