Deaton Investment Real Estate & The Wake County Apartment Association

Wednesday, May 12, 2010

Raleigh and Durham Among Top 20 Surviving the Recession

This article from Yahoo Finance list 20 cities that are "surviving" the recession better than most. On the list (not surprising to me) are Raleigh and Durham. The author cites technology and higher education as two of the primary reasons. Beyond those details, its interesting to see the other cities on the list...most of which are much bigger than Raleigh/Durham. (Picture of the Durham Athletic Park for you baseball fans)

Tuesday, May 11, 2010

The reality of foreclosures

I thought this article in the NY Times captured an interesting viewpoint of the foreclosure crisis. To me it was informative, sobering and worth sharing so click this link and have a read.

Thursday, May 6, 2010

Triangle vacancy rates are down...WHY?

Over the last 12 months ending March 2010 the apartment vacancy rate in the Triangle area decreased from 10.3% to 8.6% (1.7%) while rents remained flat. In fact rents have trended up 1% over the last three years. These figures were reported by Karnes Reasearch and the Triangle Apartment Association in their bi-annual market report. This change came as a bit of a surprise to some who thought vacancies would remain high until the job market improved. Nonetheless, our apartment market continues to prove that it is resilient.

It seems several factors contributed to this vacancy decrease. It's easy to see that our population continues to grow, less people are buying homes and many people are being forced out of homes. However, the most signifcant factor at play is the relative lack of new apartments being built.

The level of apartments under construction has consistently fallen over the last 18 months to a point where, even in a challenging economic environment, demand for apartment housing in the Triangle is outpacing supply. This is great news for apartment owners. Imagine what might happen when we do see an improvement in the job market.