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.
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