Raleigh and most metro areas in the Sun Belt saw rents decline again last year, as a building boom has flooded the market with new apartments.

Why it matters: Housing remains unaffordable for many, but a surge in supply is limiting landlords' ability to raise rents, Axios' Sami Sparber writes.

Between the lines: Although median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, at $1,400 a month, per Apartment List.

Zoom in: The Triangle has been one of the hottest spots for new construction over the past five years. Look anywhere from the downtown cores to the fast-growing suburbs, and you will find swaths of new apartment complexes.

• Median rents in the Raleigh metro were down 2.2% between February 2026 and February 2025. They now stand at $1,361 on average — a far cry from their peak of $1,566 in August 2022, per Apartment List data.
• In the Durham metro area, they were down 1.4%. The median rent is now $1,275 per month, compared with a peak of $1,426 in July 2022.

What's next: A building boom that led many of the Triangle's apartment complexes to offer rent concessions or keep renewals flat could be cooling down.

• High building costs and a glut of supply in places like the Sun Belt have made developers cautious about starting new projects.
• And permits for new apartments in Raleigh have fallen below their peaks.

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Another sold-out Art in Bloom gets underway today in Raleigh

Why it matters: It's an especially good year at the North Carolina Museum of Art's annual event, with floral representations of all the Zodiac signs spread about the galleries.

• The permanent collection, typically free, is closed to other guests until next week. You have to have an Art in Bloom ticket to enter today through Sunday.

If you go: Snap a photo and send it to [email protected]. Be sure to tell us about your favorite display.

🗳️ Machine recounts are underway in the Republican primary between state Senate leader Phil Berger and Rockingham County Sheriff Sam Page. (WRAL)

• Berger, who trails by just 23 votes of more than 26,000 cast in the highly watched race, filed multiple election protests alleging irregularities affecting 13 voters.

🚗 Vinfast told local officials that it could restart construction of its Chatham County plant in the coming weeks. The Vietnamese electric carmaker now expects to employ 1,400, a fraction of the 7,500 originally intended. (Business NC)

🎳 Jaguar Bolera, a restaurant that offered games like duckpin bowling, has closed its location at Raleigh Iron Works. It opened there in 2024. (Triangle Business Journal 🔒)

Siemens, the German industrial technology company, is investing significantly in its two Wake County facilities to meet a boom in demand for electrical components used in data centers.

Why it matters: The planned $165 million investment will create 350 new jobs across two new facilities in Knightdale and Wendell over the next three years.

Zoom in: At its new Knightdale facility, Siemens plans to add 100 jobs by the end of the year and make pre-fabricated electrical systems that help bring new data centers online faster.

• In Wendell, where it already has a facility, Siemens will build another site that will create 50 new jobs. It will also add 200 jobs at its existing Wendell facility to expand switchgear production.

Between the lines: Siemens is different from Siemens Energy, which spun out of Siemens in 2020. Siemens Energy pledged to hire hundreds in Charlotte and Raleigh last year.

N.C. State's late comeback against Texas in the NCAA Tournament fell just short, with the Wolfpack losing, 68-66, in its First Four matchup against the Longhorns.

• The Wolfpack staged a 9-2 run in the final minutes to tie the game, but Texas' Tramon Mark made a tough jumpshot with one second left to win the game.

Why it matters: The nail-biting loss brings an end to Will Wade's first season in Raleigh, where he promised a "red reckoning" on the court.

• The season had its highs, including a dominant win over UNC, but several frustrating moments, like home losses to Georgia Tech and Miami.

What we're watching: It will be fascinating to see what lessons Wade takes from his first season in the ACC and how he shapes the roster going into next season.

It's time for Axios Raleigh's annual bracket challenge!

How it works: Sign up for our Axios Raleigh group on ESPN and enter a bracket for the men's or women's side, or both! Once the tournament wraps up, we'll see who had the most accurate predictions and select a winner from each group.

• Entries must be completed by Thursday, March 21, at noon.

Here are the links:

• Axios Raleigh's Men's NCAA Tournament challenge
• Axios Raleigh's Women's NCAA Tournament challenge

Why it matters: You'll earn bragging rights in this newsletter and across the Triangle, home to some of the smartest college basketball fans in the world.

• Plus, a gift card to your favorite Triangle establishment.