Raleigh, NC Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

Raleigh's multifamily market remained relatively stable in Q1 2026, with 12-month net absorption totaling 6,557 units, a slight decline from the prior quarter, while vacancy improved marginally to 10.9%. Asking rents increased to $1,551 per unit, reversing recent declines, and sale prices per unit held steady at $244,341, suggesting continued investor confidence, with cap rates unchanged at 5.2%. Construction activity slowed to 6,667 units underway as total inventory expanded to 139,355 units, with the market continuing to demonstrate resilience as it adjusts to elevated supply levels.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Raleigh multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.