RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report.
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1 Research & Forecast Report RALEIGHDURHAM MULTIFAMILY MidYear 2018 Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand Ed Finley Research Analyst RaleighDurham Market Indicators Relative to prior period VACANCY RaleighDurham Q RaleighDurham Q Key Takeaways > > Driven by a combination of demographic, economic and social factors, national demand for multifamily has produced a 48.4 percent rise in effective rents between Q and Q2 2018, far more than any other property sectors. The RaleighDurham multifamily market is currently outperforming the CPPI National AllProperty Index by more than 34%. > > Explosive growth continues to drive the entire RaleighDurham region. The Triangle produces highly educated young workers in fields such as technology, biotechnology, research and development and healthcare and remains extremely attractive to businesses seeking highly skilled workers. > > Multifamily permits in the Raleigh market totaled 4,504 units at the end of May The percentage of Raleigh's multifamily permits as a percentage of total residential permits reached 28.8% at the end of the second quarter. > > In the DurhamChapel Hill market, multifamily permits reached 2,121 units as of May 2018, which is 38.9% of all residential permitting within that market. > > Average effective rents continue to increase across the Triangle market. Raleigh effective rents were reported at $1,099 per unit per month, providing a 1.9% growth rate per year and the average rate per square foot was $1.13 at the close of the second quarter. Annual effective rent growth is forecast to be 3.0% in year > > During the 12 months preceding May 2018, Raleigh added 18,700 jobs while DurhamChapel Hill added another 4,400. The unemployment rate dropped from 4.1% to 3.9% at the end of May 2018 relative to the previous year. Raleigh has a projected population percentage growth of over 73% through year 2044, outpacing competitive markets such as Boston, Atlanta, Nashville, and San Francisco. TOTAL CONSTRUCTION RENTAL RATE Summary Statistics Q Total Inventory (Units) Raleigh Market Durham Chapel Hill Market 71,948 31,799 Inventory Growth 3.9% 2.4% Vacancy Rate 5.6% 6.0% Total Occupancy Rate 94.4% 94.0% Total Absorption (Units) Total Units Under Construction (As of July 2017) Total Units UC/LeaseUp (As of July 2017) Total Units Delivered (YearToDate) Effective Rents Per Unit Per Month 2,808 1,285 1,682 2, , Average Per Unit $1,099 $1,089 Average Per SF $1.13 $1.16 Annual Rent Growth 1.8% 2.4%
2 Absorption & Leasing Activity > > Overall occupancy rates in Raleigh were reported at 94.4% and in DurhamChapel Hill the overall occupancy rate was 94.0% at the close of the second quarter. Occupancy percentages in the Raleigh market have remained above 92.0% since the first quarter of > > The Class C multifamily market reported the highest occupancy rate in the DurhamChapel Hill market at the close of Q2 at 95.7%. Comparatively, the DurhamChapel Hill Class B sector reported an occupancy rate of 93.7% at the end of July Raleigh Residential Permitting Summary 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 > > The Class A market in Raleigh reported an occupancy rate of 96.4%, the highest of any class in both markets. The DurhamChapel Hill Class A occupancy rate was reported at 91.8%. The occupancy rate in Raleigh s Class B asset class held steady at 95.0% while the corresponding Class C rate sustained a slight increase to 94.9% during the second quarter. Vacancy & Availability > > Overall vacancy in the Raleigh multifamily market dropped to 5.6% at the close of the second quarter. Vacancy in the DurhamChapel Hill market remained at 6.0%. > > The submarkets reporting the lowest vacancy rates in the Triangle region include Chatham County, Johnston County and Franklin County. Franklin County's vacancy rate was the lowest of the quarter at 1.8%. This vacancy rate is a direct result of an unusually low inventory of units in comparison with other, larger Triangle submarkets. Total Residential Permits Single Family 5+ Units (MF) RALEIGH MARKET: ASSET CLASS SUMMARY EFFECTIVE RENT PER SF CLASS A $1,221 $ % CLASS B $1,008 $ % CLASS C $853 $ % DURHAMCHAPEL HILL: ASSET CLASS SUMMARY EFFECTIVE RENT PER SF > > The Carrboro and West Durham submarkets closed the second quarter with vacancy rates of 7.7% and 7.6%, respectively, the highest rates in the DurhamChapel Hill market as well as the overall Triangle market. The Central Raleigh submarket had the third highest vacancy rate of the quarter at 7.3%. Rental Rates > > In the second quarter of 2018, the average effective rental rate per unit per month was $1,099 in the Raleigh market or $1.13 per square foot. In the Raleigh market, the average asking rent per unit per month was $1,103 at the close of the quarter. Effective rents in the Raleigh market have experienced a 1.9% yearoveryear growth rate. CLASS A $1,256 $ % CLASS B $1,015 $ % CLASS C $848 $ % DurhamChapel Hill Residential Permitting Summary 6,000 5,000 4,000 > > The Central Raleigh submarket posted the highest effective rents per unit per month in the second quarter. Effective rents in this submarket were reported at $1.49 per square foot and $1,275 per unit. > > Average Class A effective rents in Raleigh were $1,221 per unit and were reported at $1,256 per unit in the Durham Chapel Hill market. In DurhamChapel Hill, concession values as a percentage of asking rents more than doubled those in Raleigh. The average concession value among both markets was 0.60% at the close of the quarter. 3,000 2,000 1,000 Total Residential Permits Single Family 5+ Units (MF) 2 RaleighDurham Research Report MidYear 2018 Multifamily Colliers International
3 SUBMARKET COMPARISONS Q RALEIGH MARKET PROPERTY COUNT EXISTING INVENTORY (UNITS) AVG. SIZE (SF) ASKING RENT GROWTH CURRENT CONCESSION VALUE (% OF ASKING RENT) Cary 70 18,846 1,005 $1,129 $1, % 95.0% 0.40% Central Raleigh 29 6, $1,283 $1, % 92.7% 0.62% Franklin County ,063 $1,059 $1, % 98.2% 0.00% Garner 9 1,867 1,003 $1,059 $1, % 95.9% 0.23% Hillsborough 32 8, $1,102 $1, % 93.5% 0.56% Johnston County ,092 $1,092 $1, % 95.3% 1.10% North Central Raleigh 48 11, $1,075 $1, % 94.4% 0.34% Northeast Raleigh 34 7, $998 $ % 94.2% 0.45% Northwest Raleigh 55 15, $1,077 $1, % 94.8% 0.34% Market Total , $1,103 $1, % 94.4% 0.43% DURHAMCHAPEL HILL MARKET Carrboro 14 2, $1,155 $1, % 92.3% 1.75% Chapel Hill 17 3, $1,124 $1, % 95.5% 1.23% Chatham County ,046 $1,168 $1, % 96.7% 0.00% North Durham 15 3, $914 $ % 94.9% 0.99% Orange County/Other ,046 $971 $ % 94.0% 0.58% South Durham 64 15, $1,095 $1, % 94.5% 0.55% West Durham 23 5, $1,188 $1, % 92.4% 1.73% Market Total , $1,100 $1, % 94.0% 1.00% NOTABLE SALES TRANSACTIONS MID YEAR 2018 RALEIGH MARKET PROPERTY SUBMARKET PROPERTY TYPE SALES PRICE (MIL.) TOTAL UNITS PRICE CURRENT CAP RATE The Mark NW Raleigh Garden $ $149,519 $1, % 4.80% Lynn Lake Apartments N. Central Raleigh Garden $ $124,752 $ % N/A Lake Ridge Apartments Cary Garden $ $98,936 $ % N/A Forest Edge Townhomes Garner Garden $ $98,134 $ % N/A Millbrook Apartments N. Central Raleigh Garden $ $90,598 $ % N/A DURHAMCHAPEL HILL MARKET BullHouse South Durham MidHigh $ $250,000 $1, % N/A Garrett West West Durham Garden $ $173,701 $1, % 5.45% 200 East South Durham MidHigh $ $157,879 $1, % 5.00% Alvista Durham South Durham Garden $ $107,826 $ % N/A Emerald Forest South Durham Garden $ $105,469 $ % 5.85% Chesterfield Apartments West Durham Garden $ $90,208 $ % 6.20% 3 RaleighDurham Research Report MidYear 2018 Multifamily Colliers International
4 Construction & Investment Activity > > The RaleighDurham region continues to be a very active market for multifamily construction. At the end of the second quarter, the total number of units scheduled to deliver reached 1,682 and 2,496 units in the Raleigh and DurhamChapel Hill markets, respectively. Units delivered by quarter totaled 1,334 in the Raleigh market and 181 units in the DurhamChapel Hill market. In the DurhamChapel Hill market, of the properties that have delivered within the last twelve months, effective rents have averaged $1,474 or $1.52 per square foot. Properties that have delivered in the Raleigh market within the last twelve months have reached effective rents of $1,393 or $1.40 per square foot. > > The Chapel Hill submarket led the region in development activity for the second quarter as interest in suburban multifamily product continues to escalate. There are 1,389 units expected to deliver in the Chapel Hill submarket over the course of the next 8 quarters. The Hillsborough submarket reported a total of 1,019 units that are expected to deliver. > > The apartment sector in the RaleighDurham region remains the most attractive property type among investors, with sales volume exceeding $350M in the second quarter. Prior twelvemonth sales through the end of midyear 2018 topped $2.1B with an average price per unit of $138,010. The most notable transaction of the quarter was the sale of BullHouse Apartments, a 305unit midhighrise development in the South Durham submarket. This Durham property sold for $76.3 million and $250,000 per unit. Other notable multifamily sales include the Garrett West property in West Durham and The Mark in Northwest Raleigh. These assets sold for $53.5 million and $46.7 million, respectively. Historical Job Growth vs. MF Permits Ratio: RALEIGH Historical Job Growth vs. MF Permits Ratio: DURHAMCH % % Q % 3.00% 2.00% 1.00% 0.00% 1.00% 2.00% (10.00) (20.00) 2Q % 3.00% 2.00% 1.00% 0.00% 1.00% 2.00% 3.00% (5.00) 3.00% (30.00) 4.00% Job Growth to MF Permits Ratio Job Growth % Job Growth to MF Permits Ratio Job Growth % Quarterly Investment Volume by CRE Sector 5,000 4,000 3,000 2,000 1,000 Triangle Investment Volume > > The RaleighDurham apartment market remains the most attractive property type among Triangle investors. In RaleighDurham, sales volume reached $2.1 billion over the past twelve months. > > The average multifamily cap rate in the Triangle is 5.13% for transactions over that time period. > > At the conclusion of second quarter 2018, the ratio of international to domestic investment in the Raleigh Durham multifamily market stands at 11.0%; likewise, the ratio for investment in all property types is 13.8%. 0 Q Q Q Q Q Q Q Q Q Office Multifamily Industrial Ret ail 4 RaleighDurham Research Report MidYear 2018 Multifamily Colliers International
5 TRIANGLE SUBMARKET MAP SOURCES/METHODOLOGY METHODOLOGY The RaleighDurham Multifamily reports calculate apartment statistics using AXIOmetrics database of existing and under construction properties at market and submarket levels. Included in our pool of data are Class A, B, and C apartment properties with all unit mixes (studio4 bedrooms) containing 25+ units that report market rents only. (it does not include affordable rent types or market/affordable rent types). ASKING RENTS Asking rents are the monthly costs of occupancy for a particular space quoted on a per unit basis. The asking rent for each unit excludes any concessions or rent specials. S Effective rent is the asking rent adjusted downward for concessions or rent specials. VACANCY Vacancy is reported as space that is not currently physically occupied by a tenant Available units do not include employee units and model apartments. Vacancy percentage is a measurement conveyed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. 5 RaleighDurham Research Report MidYear 2018 Multifamily Colliers International
6 413 offices in 69 countries United States: 145 Canada: 28 Latin America: 23 Asia: 39 EMEA: 131 ANZ: 47 MULTIFAMILY SERVICES CONTACT: Steven Peden Senior Vice President Raleigh John Manning Vice President Raleigh Ed Finley Senior Financial Analyst, CPRC Raleigh +1 (984) $2.7 billion in annual revenue 2.0 billion square feet under management REGIONAL AUTHOR: Ed Finley Senior Financial Analyst, CPRC Raleigh +1 (984) ,400 professionals and staff About Colliers International Colliers International is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm. colliers.com Copyright 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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