The number of permits issued to build apartments in the Raleigh metro area has begun to fall below its pandemic peak.
- Yes, but: The rate of new permits remains among the highest in the country.
Why it matters: Since 2020, Raleigh has experienced one of the largest waves of new apartment construction in the country, especially for its size.
- This has helped stabilize the large rent increases that happened during the first years of the pandemic. In fact, median rent over the past year has fallen more than 2% to $1,403 per month, according to ApartmentList data.
The big picture: Many are watching to see if the rate of…..