The News & Observer published a nice article about the fact that rents are on their way up in the Triangle. Citing job growth, construction costs and a substantial increase in the general populace over the last decade, local real estate professionals and national investors alike see the area as one of the most desirable investment locations in the country.
If you've lived in the Triangle for a while, the growth here is hardly news. I mean, isn't that what brought you here? To bolster the article's thesis, an impromptu survey at a recent Wake County Apartment Association meeting indicated that the fair majority of apartment property owners in attendance had raised rents in the last 90 days. And these aren't the Class A, multiple-amenity institutional guys either---these are the independent owner/operators.
The article states that last year, investors paid a total of $1.1 million for area apartment properties---a Triangle record. Sort of. The actual number is $1.1 billion. Sure, it's a pretty meaningless typo. But the weight that figure carries---$1.1 billion---is pretty meaningful. With more than 10,000 total units planned and currently underway, institutional dollars will certainly continue to keep an eye on the region. So who knows, that record could be in jeopardy come 2008.
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