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Market Report

Raleigh Multifamily Market Report

2Q 2022

Raleigh’s Labor Market Composition Aids Rental Outlook;
Population Growth Hoists Demand

Skilled job sectors bolster high-end demand. The metro is home to a sizable technology sector, along with a rapidly growing life science cluster, two industries that have outperformed during the health crisis. Expansions by firms like Google and Amazon, as well as entrants in the life science sector like Amgen and Fujifilm Diosynth, have allowed the metro’s employment tally to climb more quickly than the national pace. High-skill employment gains have bolstered incomes, increasing demand for top-tier units near universities and employment hubs. As a result, Class A vacancy fell 240 basis points metrowide in 2021. South Cary-Apex recorded a 500-basis-point drop in Class A vacancy, as nearby life science projects come to fruition.
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