Real Data just released their April, 2016 report from their March surveys for the Piedmont Triad and here are the highlights:
- Average rents are up 2.1% since Mar, 2015
- Vacancy rate is 7.5%, up from 6.7% in Sep, 2015
- Demand has weakened in last 6 months, with only 355 units absorbed out of 929 completed over that time
- Development pipeline includes 3,040 units under construction and another 3,220 proposed
- Alamance is most active development sub-market with 630 units under construction
- Average rents are: 1 BR-$673, 2BR-$760, 3BR-$973
- Real Data projects vacancy to grow to 8% over next year, and rents to rise 2-3% as well.
- Sub-market with highest overall rent: Guilford Central (Downtown Greensboro)
- Sub-market with highest rent per SF: Forsyth Central (Downtown Winston-Salem)
For detailed reports, sub-market specific data, direct comps and more you can purchase a copy of the report from Real Data at www.aptindex.com.