Yardi released its June Yardi Matrix Multifamily Report, its monthly summary of rental market conditions throughout the US, and found that the Triad’s rent growth is among the ten highest in smaller US metro markets. As you can see in the table below the Triad’s overall rent growth over the last year was 4.8%; “Lifestyle” rents increased by 6.2% and the “Renter-by-Necessity” sector of the market increased by 3.7%
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.
To purchase a full report, including stats for individual apartment communities, visit www.aptindex.com
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.
ApartmentList released results of a survey they conducted recently and it shows that rents for Triad apartment are up year-over-year, but the Triad still trails other NC metro areas in rent rates. The Greensboro News & Record picked up the story:
Despite the growth in prices compared with last year, however, Greensboro offers some of the most affordable apartments in the state.
The median rent for a two-bedroom apartment in Greensboro is $800, making it seventh in the state compared with Asheville’s median rent of $1,210.
Median rent for a one-bedroom apartment in Greensboro is $690, according to the survey.
In High Point, median rent for a two-bedroom apartment is $820 and $680 for a one-bedroom.
And in Winston-Salem, the median for a two-bedroom apartment is $750. No information was reported for a one-bedroom apartment.
Describe the national demographic shifts that are driving apartment demand and explore how the Triad measures up?
Provide an overview of recent market performance measures in the Triad, including net absorption, vacancy, and rents; how does this compare to other markets in the Southeast?
Look at the inventory of apartment development by Submarket; where are the hotspots?
You can also get a full report from Real Data, including numbers on individual properties and breakdowns by submarket (Central Guilford, Northwest Guilford, Central Forsyth, etc.), by visiting their website at www.aptindex.com.
Real Data just released their latest Triad apartment report, and while the Triad isn’t the piping hot market that Raleigh or Charlotte is, the numbers still look good. From the Triad Business Journal:
That leaves the region’s apartment vacancy at 6.9 percent, the lowest rate in more than a decade. A year ago, the Triad’s total apartment vacancy rate was 8.3 percent.
Across the region, there are 1,993 units currently under construction and another 2,531 proposed, the report said. As it was in this fall’s report, the most active submarket was downtown Winston-Salem, with 836 units under construction and another 224 proposed.
Average rent in the Triad rose to $710, up 1.6 percent from $699 a year prior. One-bedroom units average $609 rental rates, while two-bedroom rents average $699 and three-bedrooms average $922.