Piedmont Triad Apartment Vacancies Down, Rents Up

Real Data released their October, 2016 market update for the Piedmont Triad and the numbers were good. Here are the basics:

  • Vacancies – 5.6%, down from 7.5% in March
  • Average rent per square foot – $0.843, up from $0.813 in March
  • Same-store rent change – 2.5%, up from 0.7% in March

The sub-market with the lowest vacancy rate was Guilford-High Point at 3.8% and the sub-market with the highest was Forsyth-East at 8.4%. Highest average rent per square foot was found in Guilford-Central at $1.072 (followed closely by Forsyth-Central at $1.071) and the lowest was found in Guilford-High Point at $0.697.

In general the Piedmont Triad apartment market remains strong and Real Data expects it to continue in the near future. From the report:

“The average vacancy rate will approach 5.0% over the next year. Rents growth should remain strong over the next year as occupancies reach historical highs.”

To get a full copy of the report, including extensive data on sub-markets and the surveyed apartment communities, you can visit www.aptindex.com.