罗利-达勒姆多户住宅市场报告：2024年第四季度

Q4 2024 Raleigh-Durham multifamily insights 02 Multifamily Investment Sales Demand Hits Record Numbers Rent Growth Whilerent growthwas sluggish in 2024,record-setting demandand increasingoccupancy rates suggest Raleigh-Durham willturn the cornerin 2025.New constructionvolumes seem to have hit their peak, and inturn,pricing poweris expected to return toowners and operators, improving rentperformance in the long-term. Demand reached thehighest annualnumberever recorded in Raleigh-Durhamat15,812units. In the fourth quarter alone, demandsurged, representing absorption of5,416units, outpacing supply. Rising home values,population growth, and a thriving job marketall continue to be attributing factors indemand with no indication of declinein thenear future. Multifamilyremainsthe largest recipient ofinvestment capital, representing43%of totaltransaction volume in the Triangle.Despite thedownward pressure on interest rates,multifamily sales volume decreased by62%year-over-year. Theaverage cap ratewasreported at4.9%in Q4, down30 bpsyear-over-year. Raleigh-Durham multifamily insights| Q4 2024 page2page2 Supply and demand 15,812units Annual market demand Annual demand hit a new record high in Q4,with15,812unitsabsorbed in the Triangle,outpacing completions. TheCentral Raleighsubmarket led theTriangle market in annual demand totalsreporting at2,245 units. New supply was heaviest in theNorthCary/MorrisvilleandCentral Raleighsubmarkets, with a collective4,124 units. Multifamily Starts 3,467 units By the end of 2024, annual multifamily starts(in units) totaled3,467, marking a significantdecline, emphasizing a contraction in themarket’s supply pipeline. Permits for8,211multifamily units were issuedin the 12 months ending in October 2024,down 27%from the previous year’s total. While new starts are subdued, the existingpipeline and longer build times will continue tohelp stabilize supply in the long-term. TheEastDurhamsubmarket reported the highestinventory growth in 2024 at25%. Rents and Occupancy $1.53 Average effective rate psf Existing assets reported average effective rentsof$1,478per unit($1.53 psf)with an averageof32%of units offering concessions. Annual effective rent growth declined by3.3%,while average occupancy rates in Raleigh-Durham hovered around94%in Q4. Efficiency unitscommanded the highest rentsamong all unit types in Raleigh-Durham,reaching$2.28 psfin Q4. Rates by Asset Class $1.96 Average Class A effective rate Class Aassetsexperienced the largesteffective growth decline at the close of Q4,down3.7%. TheCentral Raleighsubmarketreported thelowest percentage of units offeringconcessions at16%,whileSouthwestDurhamreported the highest rate of32%. Class Cproduct had the highest percentage ofunits offering concessions at44%. Lease Terms 13(months) Average New Lease Term The averagenew lease termincreased to13months, driven by demand and increasedconcession rates. Lease renewal ratesin Raleigh-Durham roseby1.6%year-over-year, highlighting a growingtrend of tenants choosing to stay. This reflectsa preference for stability, affordability, and theconvenience of avoiding relocation costs. Investment Sales $1.3B Trailing 12-month multifamily volume Multifamily assets represented43% of totalinvestmentcapital in Raleigh-Durham, astrailing 12-month sales volume totaled$1.3B.Private fundsremain the largest capitalcomposition year to date accounting for40%ofmultifamily transactions, whileREIT/Listedfunds represented27%. The disposition of The Villages at Sunnybrook, a384-unit property, was the largest saletransaction recorded in the last twelve monthsat$87Mor$225,260/unitat a5.7%cap rate. Average Cap Rates 4.9% Multifamily Cap Rate Optimismin capital markets, especially withinmultifamilyproduct, is beginning to recover.Interest rates began to decline in the latter halfof 2024, and transactional activity is expectedto gain traction. The average multifamily cap rate in Raleigh-Durham totaled4.9%, down 30 bpsat theclose of the year. Multifamily market activity For more market insightsand information visitavisonyoung.com Steven B. PedenPrincipalCapital Markets | Multifamily+1 919 719 8198steven.peden@avisonyoung.com Kyle GonzalezVice PresidentCapital Markets | Multifamily+ 1 919 785 3434kyle.gonzalez@avisonyoung.com David ZipparoSenior AssociateCapital Markets | Multifamily+ 1 919 866 4260david.zipparo@avisonyoung.com Hal KempsonPrincipalCapital Markets | Debt & Equity Finance+1 704 512 0143hal.kempson@avisonyoung.com Emily BosticTransaction ManagerCapital Markets | Multifamily+ 1 919 866 4247emily.bostic@avisonyoung.com Elisabeth LeggMarketing AssociateCapital Markets | Multifamily+ 1919 420 1551liz.legg@avisonyoung.com