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Research Triangle's Employment Gains Provide Demand in Raleigh-Durham Neighborhoods

After a period of oversupply, Raleigh-Durhams’s strong rental demand is pushing occupancy up and rents are rising market wide. The 16,000 single-family and multifamily units permitted in 2012 created a supply overhang that increased vacancy through 2014. These units have now been purchased or leased up as household creation intensified, and vacancy has dropped steadily since 2014. Household formation is supported by high-paying jobs in sectors tied to the Research Triangle. Of the total 17,800 jobs created this year, 35 percent belong to the professional and business services industry, 25 percent to the trade, transportation and utilities sector, and 21 percent to the leisure and hospitality sector. With home prices becoming more expensive, employees are paying extra to rent an SFR near their employers. As a result, SFR rents are forecast to increase[…]

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