Today Real Data released the results of its latest market report for the Piedmont Triad and the numbers remain strong:
- Vacancy – 6.9% (up slightly from 6.5% in Sep, ’14)
- Average rent – $741 (up from $728 in Sep, ’14)
- Average rent per SF – $0.788 (up from $0.744 in Sep, ’14)
- Same-store rent change $ – $8.87 (it was $10.60 in Sep, ’14)
- Same-store rent change % – 1.2% (it was 1.5% in Sep, ’14)
The sub-market that saw the greatest growth was the Central Forsyth market which added 322 units which helps explain the 12.5% vacancy rate in the area. Central Forsyth also has 397 units under construction, which is impressive but Central Guilford has 595 under construction. Long story short, the downtown Winston-Salem and Greensboro markets are exploding in terms of units. Rent per SF in those markets are by far the highest with Greensboro coming in at $1.018/SF and Winston-Salem coming in at $0.979/SF – the next closest is the NW Guilford sub-market at $0.809/SF.
Other highlights of the report include the fact that Alamance/Burlington has 401 units under construction and that the sub-markets with the lowest vacancy rates are Northern Guilford (4.4%) and Eastern Forsyth (4.5%).
You can buy a full copy of the report, which includes extensive demographic data and property-specific reports, at www.aptindex.com