Rents Up, Vacancies Down in Piedmont Triad Apartment Market

Real Data’s October, 2017 market report for the Piedmont Triad was just published and the trends look good. Here are the highlights:

  • Vacancy rate: 5.2% (was 5.6% in October, 2016)
  • Average rent/SF: $0.876 (was $0.843 in October, 2016)
  • # of units: 67,560 (was 64,196 in October, 2016)
  • 1,814 units have been absorbed in the last year
  • 2,646 units are under construction, and another 1,870 are proposed

Real Data expects vacancies to remain around 5.0% over the next year.

Also of interest is how the various submarkets are performing. Most notable:

  • Highest rent per SF: Guilford-Central ($1.131) and Forsyth-Central ($1.056)
  • Lowest vacancy rate: Guilford-High Point (3.3%)
  • Highest vacancy rate: Guilford-Southwest (7.8%)
  • Most units under construction, as a percentage of all units surveyed: Alamance-Burlington (10.79%)

To get a full copy of Real Data’s Triad market report visit www.aptindex.com