Research Triangle Attracting Jobs as Newly Employed Residents Support Rental Demand
Anchored by the Research Triangle, high-paying job growth is providing an optimistic outlook for Raleigh-Durham’s single-family rental market. Biotechnology firms are rapidly expanding in the Research Triangle to take advantage of the highly educated workforce produced by local research universities. The market has recorded average economic growth above 4 percent over the past five years, and nearly 3 percent employment annual gains during that time. Both indicators are significantly above the national average. Demand for single-family rentals comes from the local student population and employees. On the supply side, the owner-occupied housing market is beginning to show some strain. Year over year, home sales have dipped by approximately 20 percent as higher prices and interest rates moved some potential buyers to the sidelines. The decrease in renters making the transition into ownership bodes well for the single-family rental market. Apartment construction, meanwhile, is also pulling back from cyclical peaks. A combination of strong economic[…]
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