Raleigh Multifamily Market Report

Labor market strength helps tighten vacancy. Following a period of softening fundamentals largely driven by the metro’s inventory expanding by 25 percent over the past five years, conditions are stabilizing amid sharply slowing deliveries in 2026. Household formation was the second-fastest nationally during the year ended in March as residents are continually drawn to job availability and affordability relative to many other southeastern markets. Momentum should continue in 2026, with employment growth expected to rank third among major metros. Together, these trends point to a strong renter base and are expected to drive one of the fastest declines in vacancy in the U.S.