Apartment construction in the Triangle is expected to keep growing through end of decade

Data: RentCafe; Note: Includes apartment constructions with 50 or more units; Chart: Axios Visuals

A record half-million-plus new apartment units are expected to be built this year — but the pipeline of future apartment projects nationally is slowing.

The big picture: A rush of new apartments , financed when interest rates were lower, helped recently to ease rent hikes that occurred during the first years of the pandemic, Axios' Sami Sparber reports.

Yes, but: The Triangle's construction activity is still forecasted to grow over the rest of the decade, unlike many of its peer cities.

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Between the lines: Several major U.S. metro areas are on track to build fewer units in the coming years than they did during the COVID boom , per a recent analysis by RentCafe .

• Some areas that led the upturn, including Houston , Minneapolis , Dallas and Atlanta, are expected to see the biggest drops in completions between 2024 and 2028 compared to the previous five years.

By the numbers: The Raleigh-Cary metro area, however, is forecasted to open 11,174 more apartments by 2028 compared to the number of rentals completed in the previous five years, nearly a 50% increase, according to RentCafe.

• That is the third largest projected difference among metro areas, only trailing New York City and Phoenix. Charlotte was ranked fourth.
• The Durham-Chapel Hill metro area — ranked 13th in the study — is forecasted to open 3,108 more apartments by 2028, a 35% increase compared to the five years before 2024.

Zoom in: RentCafe's study notes that the Research Triangle continues to benefit from strong job growth in the area as well as many of its university graduates staying after completing their studies .

Data: CoStar; Chart: Jacque Schrag/Axios