Lee & Assosciates 2025 Q3 Raleigh NC Multifamily

Market Overview

‍In Q3 2025 the Raleigh, NC multifamily market showed signs of steadfast performance with 8,305 units absorbed over the past year and vacancy improving to 11.3 percent. Asking rent averaged about $1,560 per unit, a slight dip from the prior quarter, while construction activity eased as under construction units dropped to 4,552 from 5,794 in Q2. Sale prices per unit rose to approximately $221,532 and cap rates widened to 5.26 percent, suggesting cautious investor sentiment despite stable fundamentals.

‍About Lee & Associates

‍Lee & Associates is a national commercial real estate advisory firm offering research, brokerage, capital-markets and consulting services. Their Q3 2025 Raleigh multifamily market report integrates rent trends, vacancy, absorption, construction pipelines and transaction activity to provide owners, developers and investors with actionable insight into market timing and positioning. To read the full report, click here.