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

Market Overview

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Durham's multifamily market continued to normalize in Q1 2026, with 12-month net absorption totaling 2,395 units, down modestly from the prior quarter, while vacancy rose to 11.2% as new deliveries kept pressuring fundamentals. Asking rents ticked up slightly to $1,556 per unit, sale prices held relatively flat near $217,873 per unit, and cap rates stayed steady at 5.6%, pointing to stable investor sentiment. Construction activity expanded to 4,176 units underway as total inventory grew to 64,965 units, with the market gradually rebalancing as new supply is absorbed.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Durham 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.