Staff Writer- Triangle Business Journal
The Triangle apartment market is becoming more competitive.
In the past six months, 15 new apartment communities have opened in the region, and those 15 communities have added another 2,899 new apartment units to the Triangle market inventory, according to the semi-annual Triangle Apartment Market Report by the Karnes research firm and Triangle Apartment Association.
As a result, the region’s apartment vacancy rate increased slightly to 5.9 percent compared to a 5.5 percent vacancy rate reported in the March report. That’s still well below the market’s 10-year average 7.5 percent vacancy rate.
Total net absorption of units for the six months ended Sept. 30 was 2,305 units.
The report also notes that multi-family developers have another 9,336 units that are under construction and slated to open by early 2015.
“An increase in supply-side pressure from projects under construction … will continue to test the apartment market over the next six months,” the report forecasts. “Continued uncertainty in the housing and credit markets should, however, help to mitigate supply concerns.”