Real Data’s April ‘18 report for the Triad shows that occupancy is down a tad is better than it was a year ago, although down a tad in the last six months, while rents rose quickly in the last year. Their data shows that vacancies have risen from 5.2% to 5.5% since October ’17, but are still below the 6% reported one year ago. Average rents are up 4.2% over the last year, with the average rental rate now at $842 vs $794 a year ago.
Drilling down, the data shows that:
- 1BR Units Average Rent = $741
- 2BR Units Average Rent = $837
- 3BR Units Average Rent = $1,039
- Guilford-Central submarket has highest avg rent: $1,080
- Forsyth-Central submarket has highest avg rent per SF: $1.107
- Guilford-South submarket has lowest vacancy rate: 3.9%
- Guilford-Northeast submarket has highest vacancy rate: 9.5%
Real Data’s forecast for the next year is that vacancy rates should remain below 6% and rents should continue to grow at a 4-5% annual rate.
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