News

Oct 17, 2024

Rock-climbing wall and a playroom: Morrisville apartments target Gen Z, millennials

A full-scale rock-climbing wall. A club room featuring a four-screen TV wall and bar with playable retro arcade games. A 3,000-square-foot dog park. These are among the “wellness-focused” amenities on

A full-scale rock-climbing wall.

A club room featuring a four-screen TV wall and bar with playable retro arcade games.

A 3,000-square-foot dog park.

These are among the “wellness-focused” amenities on offer at NOVEL Morrisville, which opened at 218 Southport Dr. in Morrisville this month. It’s down the street from the 30-acre Wake Competition Center, and about a 15-minute drive north to the Research Triangle Park.

Developed by Charlotte-based Crescent Communities, the new multi-family rental community targets two generations in particular: millennials (ages 26 to 45) and Gen Z (ages 18 to 25). It also focuses on a key aspect of their lives: a need to play.

“For most apartment communities, the idea of play is an afterthought,” said Michael Tubridy, Crescent Communities’ senior managing director for multifamily development, in an email to The N&O.

By contrast, this development places it “front and center.” It comes as data shows high-earning millennials — those with annual incomes above $200,000 — are increasingly moving to North Carolina.

“Whether it’s a quick bocce game or a board game night with neighbors, NOVEL Morrisville fosters a more engaged, connected and wellness-focused group of residents compared to traditional multifamily developments,” he said. “It’s anything but cookie-cutter.”

The development offers a community library, gym, half-mile walking trail and pool. Available leases include studio, one-, two- and three-bedroom plans, ranging from 532 to 2,128 square feet, at monthly rents ranging from $1,600 to $3,500. There’s an introductory offer with the first eight weeks free if you move in this year.

As new amenity-rich Class A buildings hit the market, rents continue to slide across the Triangle.

Morrisville’s housing market remains very competitive, but rents are down 2.2% month-over-month and down 5.5% year-over-year, according to the latest data from Apartment List.

Rent growth has fallen behind both the state (-2.8%) and national averages (-0.7%).

In October, the overall median rent for all housing types (the mid-point where half cost less and half cost more) stood at $1,709, the report said. The median rent for one- and two-bedroom apartments stood at $1,402 and $1,662, respectively.

That’s 19.2% higher than the metro-wide median ($1,433), the report said.

In the report’s five-city table, Apex is currently the most expensive with a median rent of $1,893. Raleigh is the metro’s most affordable city with a median rent of $1,415.

The metro’s fastest annual rent growth is in Apex (1.3%) while the slowest is in Morrisville (-5.5%).

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