Rents at Raleigh’s oldest apartments continue to fall this year as the Triangle absorbs a record amount of new apartments hitting the market, according to a new analysis.
Why it matters: Like many fast-growing metros, Raleigh grapples with providing ample affordable housing. As more high-end apartments flood the market, longtime residents are seeing some relief as the oldest rentals become cheaper.
The big picture: There is a divergence happening in the U.S. between areas like the Sunbelt, where apartment construction has been strong, and other parts of the country like the Northeast and Midwest, where construction has been slower, according to Jay Parsons, a rental housing economist.
- In places with high rates of construction, like Raleigh and Denver, rents for the oldest apartments have been falling this year.
- In places that haven’t — like Albany, New York, and Providence, Rhode Island — rents for older apartments are up.
Flashback: For longtime Triangle residents, the cost of living still feels high because of the stunning 20% spike in rents that happened in 2021 during the COVID-19 pandemic…