Raleigh, NC Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Raleigh-Durham has absorbed a historic supply wave since 2023, with more than 33,000 units delivered over that span, driving stabilized occupancy to 91.7% where it has held largely flat for two years. The market absorbed 7,079 units in 2025, including 1,677 in Q4 alone, demonstrating resilient demand even through the cycle's peak. Average effective rent declined 1.2% to $1,496 per unit, with landlords expanding concessions to sustain leasing velocity. The more consequential shift is in the pipeline: units under construction fell 30.3% year-over-year to 9,561, the sharpest single-year contraction in recent history. With net in-migration up 11% since 2020, median household income 15% above the national average, and new supply tapering, conditions are set for occupancy and rent recovery as remaining inventory is absorbed over the near term.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Raleigh-Durham Q4 2025 multifamily MarketBeat tracks stabilized occupancy, effective rents, net absorption, and construction activity across 16 submarkets to help owners and investors assess Triangle market conditions. To read the full report, click here.