Rate of Rent Increase in Greensboro/Winston-Salem is Tied for Second Lowest in Country

From a Reuters report on the drop in vacancy rates:

The national vacancy rate fell 0.30 percentage points in the first quarter to 4.9 percent, the lowest level since the fourth quarter 2001, according to preliminary results Reis released Wednesday.

Meanwhile asking rents jumped by 0.5 percent from the prior quarter to $1,070 per month. Stripping away months of free rent and other perks designed to lure or retain tenants, effective rent rose to $1,018 per month, up 0.9 percent, the largest increase since the first quarter 2008, Reis said…

Rents there (editor: New York City) remained the highest of the 82 markets Reis tracks, at $2,885 a month, up 0.3 percent for the quarter. It tied with Birmingham, Greesboro/Winston-Salem, and Northern New Jersey, as posting the second lowest increase. Rents in Fairfield County, Connecticut, fell 0.1 percent to $1,786 per month. (Emphasis ours).