Piedmont Triad Apartment Vacancies at Ten Year Low

Real Data just released it’s latest Greensboro/Winston-Salem report and the numbers show that the market continues to strengthen. Here are the basics:

Vacancy rate: 7.3%
Average rent overall: $705/month
Average rent in units <5 years old: $950/month
Average rent in units >30 years old: $600/month

The report also highlights the relatively light activity in new development considering the demand. From the report:

Despite strong demand, new development has been modest, with construction starting on less than 500 units over the past six months. Currently, there are more than 1,100 units under construction throughout the region and another 3,500 units proposed. Many developers plan to start construction in the next year, but financing remains tight.