RALEIGH, NC — As more people and businesses begin moving to Raleigh, a new report ranks the area ninth in the nation for apartment shortage.
What do you want to know
- The Raleigh area just ranked ninth in the nation for apartment shortages, according to the National Multifamily Housing Coalition and National Apartment Association
- The shortage comes amid a population boom of nearly a million people from the 2010 to 2020 census
- The City of Raleigh’s director of planning and development says it is using a $1 million housing bond passed in 2020 to purchase property and work with developers to provide affordable housing opportunities to households low income.
The National Multifamily Housing Coalition and the National Apartment Association said the area would need 45,000 more apartments by 2035.
Director of Planning and Development for the City of Raleigh Patrick Young said the city is working to ensure supply meets demand. They are exploring areas like North Hills, Brier Creek, Downtown and other areas for infrastructure and apartment growth opportunities.
The demand for housing is accompanied by rising rents and a population boom.
From 2010 to 2020, North Carolina’s population grew by 903,905 people or 9.5%, depending on the state Census data.
“We’re one of the cities that’s seen the biggest increase in housing demand since the pandemic,” Young said. “Even before the pandemic, we saw these same huge growth trends, especially among young professionals.”
One of the city’s solutions is to diversify the types of housing on the territory, by offering more rear cottages, duplexes, triplexes and garden apartments.
The other issue that needs to be addressed is the shortage of affordable housing.
According to National Low Income Housing Coalition, North Carolina has 347,827 very low-income renters. Meanwhile, it reports a shortage of 195,661 affordable and available rental units.
Young said Raleigh is tackling the affordable housing problem with $80 million in funding Affordable Housing Bond adopted in November 2020.
“[The city is] work to buy property and partner with developers to ensure that there are affordable, high quality housing opportunities for low and very low income people who are in high opportunity, call high opportunity locations, close to jobs, schools, businesses, bus routes,” says Young. “So people can have, you know, a high quality experience and stay in Raleigh.”
The City of Raleigh also provides excess land to develop areas such as the Dix Park area and downtown Moore Square.
“It will be focused on high-quality development, but also ensuring that the private sector helps support affordable housing in these places,” Young said.