Raleigh Market Report
Regionally Low Unemployment Rate Positions the Triangle as a Relocation Destination
Economic improvement attracts new residents and boosts apartment demand. Prior to the health crisis, strong job creation was supporting a consistent rate of net in-migration in Raleigh-Durham-Chapel Hill, bolstering local demand for housing and commercial space. From June to September, the metro’s major employment sectors recorded encouraging hiring activity, recapturing 59,000 positions lost during the early months of the pandemic. This job creation has spurred household relocations and formations that are improving leasing velocity at rental properties. During the third quarter, more than 3,000 units were absorbed, placing vacancy below the metro’s prior five-year average. The reduction in unit availability occurred as nearly 1,700 units were delivered, signaling strong demand for higher-priced rentals prior to another wave of completions.