Multifamily supply has arrived in Raleigh-Durham

– Following the 10-year highs seen in 2021, occupancy and rent growth have declined substantially to 10-year lows in both categories. Since 2021, the rent growth rate has declined 17.8% to become negative for 2023, and the occupancy rate has declined by 6.7%.

– In 2022 and 2023 over 19,000 new multifamily units have been added to the Raleigh-Durham inventory. This new supply has been met with cooler demand which has resulted in negative rent growth and lower occupancy.

– Raleigh-Durham continues to be a popular location for new residents with large population growth figures expected in the years to come and many solid years of strong rent growth. For these reasons, this trend will likely reverse in the near future.