Driven by a combination of demographic, economic and social factors, national demand for multifamily has produced a 48.4 percent rise in effective rents between Q1 2010 and Q2 2018, far more than any other property sectors. The Raleigh-Durham multifamily market is currently outperforming the CPPI National All-Property Index by more than 34%.
Explosive growth continues to drive the entire Raleigh-Durham region. The Triangle produces highly educated young workers in fields such as technology, biotechnology, research and development and healthcare and remains extremely attractive to businesses seeking highly skilled workers.
Multifamily permits in the Raleigh market totaled 4,504 units at the end of May 2018. The percentage of Raleigh's multifamily permits as a percentage of total residential permits reached 28.8% at the end of the second quarter.