Raleigh, NC Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Raleigh's multifamily market showed diverging signals in Q4 2025. On the leasing side, trailing 12-month net absorption eased to 7,212 units, asking rents declined for the second consecutive quarter to $1,538 per unit, and vacancy improved modestly to 10.79% as prior deliveries continued to be absorbed. On the capital markets side, the picture looked markedly different: sale pricing jumped to $241,424 per unit from $221,532 the prior quarter, and institutional buyers including Blackstone and Mitsubishi Estate transacted heavily, with the top buyer alone deploying over $727 million. Cap rates held at 5.26%. Investor conviction in Raleigh's long-term demand fundamentals remains firmly intact despite near-term rent softness.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Raleigh Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.