Wake Forest Northeast Community Plan - December 2021


Apartment Submarket Summary REIS/Moody’s Analytics data defines 12 distinct geographic submarkets for the Raleigh-Durham market. The study area is centrally located within the Northeast Raleigh submarket.

Annual Absorption

The absorption of 378 units in the submarket was 10.9% greater than the annual average of 341 units. The metro has seen 3,763 units as an annual average since Q3 2010. The submarket net absorption will be 304 units by the end of the year. The submarket is expected to absorb 450 units of a 900-unit surge during 2021 and 2022.


The North Raleigh submarket has 54 buildings that contain 11,655 market rate units representing 8.2% of the metro.

Asking Rents

The monthly asking rent is $1,129.19 (up 11.5%) with an effective rent of $1,070.39. The metro average is $1,177. Market dynamics will push the asking rent down to $1,083 at the end of 2020, with effective rents at $1,010.

Vacancy Rate

The average vacancy rate was 5.4%, an increase of 70 basis points (basis points). A spurt in activity will push this rate to 11.5% at the end of 2021, but average annually household formation of 1.6% in the metro will serve to lower this number to 10.1% at the end of 2022.

Ailey Young Park




Study Area


Data Sources: Town of Wake Forest, Wake County, Redfin Sales Data, RKG Associates 0 300 Feet

Credit: REIS/Moody’s Analytics and RKG Associates, Inc. 2020 Northeast Raleigh Apartment Submarket

Chapter 4: Appendix

Northeast Community Plan



Made with FlippingBook - professional solution for displaying marketing and sales documents online