A couple of stories in the local press explore the burgeoning local apartment market. Here’s an excerpt from one of those stories in the Winston-Salem Journal:
During the past five years, thousands of new apartments have opened in the Piedmont Triad, and the number of people moving into them is growing.
Changes in the way people live and improvements in the economy are driving a steady, slow growth, local apartment experts say, but soft spots could stall that progress in the next couple of years.
One thing has worked in favor of the industry so far: slow home sales.
Although the real estate market is slowly picking up, banks are still tight with credit and families are reluctant to commit to mortgages until they feel confident that jobs are here to stay.
Apartment developers are taking more chances this year and will continue if they see good signs, said Carrie Langley, the Piedmont Triad Apartment Association’s director of education and membership…
At the moment, things are looking good for the local apartment business.
Ultimately, job growth could be the single most important unknown that could help — or hurt — even more.
The Piedmont Triad Apartment Association’s Langley tempers her optimism with a little superstition.
“There’s been economic and employment growth and it seems to be continuing,” she said. “I’m going to knock on wood.”
The Greensboro News & Record had a similar article focused on the Greensboro market.