According to our Research Services team, Raleigh is projected to have one of the strongest job markets nationally, which will support tight vacancy with robust renter demand this year. The job market in the Triangle region is supported by thousands of new residents every year, mainly young people who are interested in many prestigious local universities or seeking employment within the sprawling Research Triangle Park.
The metroplex is home to 14 different colleges and universities, including the three top tier institutions for which the region is dubbed the ‘Triangle’, with over 100,000 enrolled students. These students greatly increase the supply of renters to ensure investors of Raleigh single-family rentals have a solid renter base.
Another area of growth for Raleigh is the established tech companies such as Cisco and HCL expanding as well as new innovators including Silicon Valley’s WalkMe setting up shop. Professional and business services, education and health services, and the leisure and hospitality sectors will drive above-average payroll growth again this year, building on the 19,000 cumulative positions the sectors generated last year.
Multifamily construction is also predicted to ease considerably from recent peak levels, which increases the demand for single-family rentals. While apartment developers have clustered in a few neighborhoods such as Central Raleigh, competing with single-family homes, a decline in new construction this year will boost single-family rentals.
Forecast for the Raleigh Market
Learn more about what is anticipated for the Raleigh market by downloading the full Raleigh Market report created by our Research Services team. This report covers multiple economic factors that determine risk and reward for single family investors.