We’ve written about how nearly 51 percent of renters in North Carolina are cost-burdened, and about the economic theory that building more luxury high-rises could be a solution to the Triangle’s affordable housing shortage.
Let there be no question, however, that thousands of new rental units—whether affordable to the average renter or not—are popping up all over the state’s second-largest metro area. Rentcafe.com, a national apartment-listing service, looked at how many new apartment developments of 50 units or more were finished and ready-to-rent across the Triangle in 2015.
Here’s what the group found:
A total of 21 rental developments of 50+ units were completed throughout 2015; dispersed throughout the region – with 10 of the new rental communities being located in Raleigh, 6 in Durham, 4 in Cary, and one in Chapel Hill – the properties added a striking total of 4,998 new apartments to the Triangle’s rental inventory. The 4,998 new apartments added in 2015 are on par with 2014 numbers, when 18 major projects were completed, delivering 5,101 rental units.
64% of all new apartments added by this segment (3,209 units) were part of the 10 biggest rental developments completed last year – ranking led by the Bradford project, which alone brought 390 rental units to market, and Marshall Park, with 385 units. And with renowned universities like Duke, University of North Carolina at Chapel Hill, and North Carolina State nearby, the ranking wouldn’t be complete without the presence of 2 student housing projects.
And here are the top ten largest rental developments in the Triangle in 2015:
10. Walnut Terrace, 1256 McCauley Street, Raleigh (273 rental units)
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9. Parkside Place, 200 Dominion Oak Circle, Cary (294 rental units)
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8. Apartments at Palladian Place, 260 Leigh Farm Road, Durham (298 rental units)
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7. The Avenues, 2602 Noblewood Circle, Raleigh (29 rental units)
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6. Stanhope, 3001 Hillsborough Street, Raleigh (300 rental units)
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5. Berkshire Ninth Street, 749 9th Street, Durham (303 rental units)
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4. SkyHouse Raleigh, 308 South Blount Street, Raleigh (320 rental units)
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3. Amberton at Stonewater, 2000 Teaching Drive, Cary (348 rental units)
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2. Marshall Park, 3950 Fairstead Drive, Raleigh (385 rental units)
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1. The Bradford, 21035 Bradford Green, Cary (390 rental units)
For more information on apartment units in these new developments, check out Rentcafe’s post here.
