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Interest in apartments in the Midtown area of Raleigh – that is, North Hills and the areas around it – is seeing sizzling action, according to numbers from ApartmentData.com.

The Midtown market is seeing rental rates of $1.86 per square foot per month – an annualized growth rate of 46.9 percent.

That’s easily the most dramatic growth in the Triangle, where most rates are up 13 to 17 percent annually.

Chapel Hill-Carrboro, for example, was up 15.0 percent and downtown Raleigh/East Raleigh was up 14.2 percent.

Intense interest in the Triangle is reflected in the number of apartments coming to the market. Occupancy in the market has dipped a bit to 93 percent, thanks to 4,238 units recently coming online.

Another 4,469 units are under construction and 30,893 units are proposed, the website reports.

In North Hills, the 36-story The Eastern Residences just opened April 1 with 376 apartments and 21 penthouses, including three that start at $13,775 a month. Kane Realty tells Biz that more than 65 apartments have been rented so far.

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