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Market Report

Raleigh Multifamily Market Report

2024 Investment Forecast

Delivery Count Nearly Triples Pre-2023 Record
Ahead of Major New Corporate Commitments

Research Triangle awaiting multi-billion dollar influx. The Raleigh metro contains one of the southeastern United States’ most educated labor forces, with 44 percent of locals holding a bachelor’s degree. This attribute has recently helped attract marquee investments in the private sector, which have the potential to increase the market’s overall labor base and household incomes. Wolfspeed and VinFast, for example, are constructing manufacturing facilities in Chatham County that will help create over 9,000 skilled trade jobs. At the same time, Apple is underway on a new 41-acre campus, with plans to hire over 3,000 high-paying roles. Still, opening dates are uncertain, and in the meantime, the metro will observe the second-highest growth in rental stock among any major market in 2024. The uneven new supply placement should lead to varied vacancy movement across submarkets in the near-term. Southeast and Central Raleigh will record supply expansions upward of 10 percent this year, while suburbs north of the city host limited arrivals. Near North, Far North and Northeast Raleigh recorded two-decade highs in net absorption over most of last year, helping local vacancies generally trend down into 2024.
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