The Greensboro News & Record’s lead story today (9/4/12) is about the rental housing market in the Triad:
Across the region, apartment managers report low vacancies because renters want flexibility, time to save for a down payment on a house, or a life that doesn’t include owning a home.
It’s not a “hot” apartment market where demand outstrips supply; rents at an average $681 are roughly what they were 10 years ago. But with vacancies hovering around 8.4 percent, according to the Piedmont Triad Apartment Association, owners and managers are in a rare position in this struggling economy…
R. Sterling Kelly III, chief executive of Burkely Communities, which owns and manages 2,000 apartments, student apartments and rental homes, says this is the most unusual apartment market he’s seen in his 30-year career. The market is good despite high unemployment, low home values and sales, and low incomes for those who do have jobs.
He has a theory.
In the past decade, “home ownership got pushed further than what I would call a responsible level,” he said. “Then, the bubble burst. So, I think we’re returning to a more responsible equilibrium to what I would call renting versus owning. So for now, the rental apartment market is the beneficiary of that.”
Here’s a link to the story (subscription required to read the full version).