Real Data released the September update for their Piedmont Triad apartment market report. Here are the highlights:
- Rents are up 3.9% since October 2018
- Vacancies are up to 4.3% from 4.0% in October 2018 (and 3.7% in March 2019). This is due to new supply that is yet to be absorbed (units in lease up have a 31.2% vacancy rate).
- Average rent for a 1BR is $813, for a 2BR is $914 and a 3BR is $1,156. These include A, B, and C-class properties.
- 975 units were added in the last six months
- 1,715 units are currently under construction – there were 2,941 units under construction in October 2018
- 4,719 units are proposed, up from 2,141 in October 2018
You can order a full copy of the report, which includes sub-market breakdowns and details on all properties surveyed, at Real Data’s website – www.aptindex.com.