The construction of new housing in Raleigh, North Carolina has surged, with approximately 11,000 units estimated in 2023, a 210% increase from 2020. This increase in supply has led to a decrease in asking rent by 3.5% in the luxury class and 1.4% in the mid-tier. The growth in job, income, and population has contributed to this trend, making housing more accessible and affordable for various classes of residents.
When you have almost no supply of rentals / housing then people get compressed into fewer tiers of housing due to affordability When you have a lot more choice which puts downward pressure on prices - then lower end housing becomes more available Amazing how that works yet… https://t.co/Wngernb4lE
When you have almost no supply of rentals / housing then people get compressed into fewer tiers of housing due to affordability When you have a lot more choice which puts downward pressure on housing - then lower end housing becomes more available Amazing how that works yet… https://t.co/Wngernb4lE
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Yet job, income & population growth is among the… https://t.co/qElAWhamyL
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Meanwhile job, income, & population growth is… https://t.co/ZjHDFSQiXs
Raleigh NC market data + proof new “luxury” supply DOES reduce rents across classes. 📈 ~11k units estimated in 2023, +210% from 2020. One of the biggest surges in the country. 📉 Asking rent -3.5% YoY in A, -1.4% in mid tier. Meanwhile job, income, & population growth has… https://t.co/YjqdRbTvcn
"Apartment construction hit record highs across the country in the past year — but Raleigh's stood out nationally for how much supply was coming on the market. That's helped cool prices." 🤯🤯 https://t.co/id4JQ57Y8C https://t.co/jzDAlddmwH
Building new housing at least as fast as demand grows is pretty much the only way to keep housing prices low and to make housing broadly accessible. https://t.co/JElhqkWHzx