Raleigh rental apartment booms, new downtown complex nearly full in 9 months

Wake County News

RALEIGH N.C. (WNCN) – Developers can’t build fast enough as more people move to the Triangle. Apartment demand is increasing downtown and new complexes are filling up.

The Line at Smoky Hollow in downtown Raleigh is one of the newest complexes built by Kane Realty. Developers said it’s already 95 percent full in just nine months.

“They really can’t build them fast enough,” resident Tyler Helikson said. “I think there probably is some overwhelm and a lot of the places that are desirable get filled up really fast.”

Rob Reid, the New Development manager for Kane Realty, said the company has 2,000 more units in construction or planned to go up around the Triangle.

“It’s incredibly tight. There’s not a lot of availability in the market, as I mentioned. We are seeing prices continue to increase,” Reid said. “We always see people chomping at the bit to get in as soon as they possibly can. It’s definitely indicative of how exciting Raleigh is and how much people want to be here.”

Since demand is so high, those prices are top tier for what’s available. The newest properties range from $1,700 to around $2,000 for a one-bedroom apartment.

“There’s been continued, robust occupancy above 95 percent,” said Will Gaskins, economic director downtown Raleigh alliance. “When you have that you see new product being developed, you see rental prices increasing.”

Gaskins said more availability in the future will help with affordability.

“Thankfully, we live in a place where people want to be and there’s jobs being created,” Gaskins said. “But that also creates the need for a housing pipeline across all segments and all levels. We need to be creating new housing.”

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Click here for full list of trending stories