Real Data’s October survey results show that the apartment market remains very strong in the Piedmont Triad. Their market summary says it best:
The Triad apartment market is tightening with an average vacancy rate at just 4.0%. Over the last year demand has been strong with 2,348 units absorbed, easily offsetting the 1,595 units added to the supply over the same time period.
The development pipeline includes 2,814 units under construction and another 2,141 units proposed…
The region has posted strong rent growth of 3.8% over the past twelve months. The average rental rate is now $876 per month, as compared to $832 just twelve months ago. One bedroom units average $769, two bedrooms rent for an average of $869 and three bedrooms rent at $1,093 on average.
The report also indicates that the average vacancy rate should hold close to 4.0% for the next year and rents will continue to grow at a yearly rate of 3.5-4.5%.
So which submarkets are the hottest in the Triad?
Occupancy – Guilford Northeast (97.5%)
Average Rent – Guilford Central ($1,091)
Average Rent per SF – Forsyth Central ($1.172)
Units Under Construction – Forsyth Central (573)
To get a full copy of the Real Data October, 2018 report go to aptindex.com.
Real Data’s April 2017 report shows that rents increased by 1% over the previous six months, which brought the one-year growth to 3.5% overall. Vacancy rates rose from 5.6% to 6% over the prior six months, but that still left the vacancy rate significantly lower than the 7.5% the area experience in April 2016.
Real Data expects the vacancy rate to remain around 6% over the next year and rent growth to remain strong.
In terms of new development, they report 2,768 units under construction (1,799 in Guilford County) and another 2,079 proposed.
To access the full report, including individual property data, visit 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.
The Triad’s apartment vacancy rate has improved during the last six months, dropping from 6.9 percent to 6.7 percent, according to the latest report from Charlotte research firm Real Data.
That’s a change from the April report, when the rate had ticked up to 6.9 percent from last October’s 6.5 percent, which was the lowest rate recorded in more than a decade, according to Real Data…
Real Data surveyed 63,210 units within Forsyth, Guilford and Alamance counties, up from 61,163 surveyed in April. Those units, on average, had a monthly rental rate of $760. That’s up from $741 in April and $728 last October.
The submarket with the highest average rent is downtown Greensboro, with rents rising 8% since April to $1,079.
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.