Multifamily rent growth for class A surpasses class B rent growth as Raleigh-Durham’s early career population booms

Bar chart of Raleigh-Durham class A, B and C multifamily rent growth 2018–2023 and population age 20–35
  • A significant increase in early career-aged population (age 20 – 35), known for commonly residing in apartment units, has caused multifamily rent growth in Raleigh-Durham to grow massively year-over-year for the past few years. 
  • As multifamily supply continues to be delivered, overall rent growth has continued, yet at a slower pace in 2023 from the high of 2022. For the first time since 2018 Class A rent growth has surpassed Class B.   
  • Tenants in Raleigh-Durham are willing to pay more for class A property than they have been previously, as availability continues to remain low across all property classes.

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