Rent Increases Over 5% in the Triangle According to New Report

September 18, 2018
September 18, 2018 Ben Mathis

Rent Increases Over 5% in the Triangle According to New Report

Article originally appears on Triangle Business Journal, written by Ben Graham.

Rents have risen more than 5 percent across the Triangle in the past 12 months.

That’s less than Charlotte and Atlanta, which registered increases of 7 percent and 6.2 percent, respectively, but is still ahead of the 3 percent increase that multifamily analyst Bruce McClenny says represents moderate growth.

“Once you start to go past that, you’re starting to get into growth that’s a little bit highly charged,” says McClenny. “It’s generally not sustainable, but right now it’s moving forward.”

McClenny’s company, ApartmentData.com, released a report earlier in September outlining the rent increases. According to the firm’s numbers, the Triangle saw 5,278 apartment units open in the past 12 months and has another 4,234 under construction.

Despite the new supply brought on by strong apartment construction activity, occupancy rates remain high in the Triangle, according to McClenny’s numbers, which show just over 91 percent of units were rented through August.

Other multifamily market experts have forecasted that the Triangle will remain a strong region for apartment investors. While new complexes are being built, sustained population and job growth is projected to help sustain demand for the additional apartments, according to Ten-X Commercial, a real estate firm.

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