Rents Up, Vacancy Down in Piedmont Triad Apartment Market

Real Data just released their March, 2019 survey report for the Piedmont Triad and the results show that the apartment market continues to be very strong here in the Piedmont Triad. They report that the average vacancy rate is 3.7%, down from 5.5% in March of 2018, and average rent is $898 ($0.943/SF) versus $842 ($0.888) this time last year. From their market summary:

The Triad apartment market continues to tighten with an average vacancy rate at just 3.7%. Over the last year demand has been strong with 2,595 units absorbed, easily offsetting the 1,487 units added to the supply over the same time period.

The development pipeline included 2,081 units under construction and another 4,462 units proposed. Guilford County is the most active with 1,183 units under construction and an average vacancy rate at 3.3%.

The region has posted strong rent growth of 4.5% over the past twelve months…

With demand expected to remain strong, the average vacancy rate should hold close to 4.0% over the next year. Rents will continue to grow an an annual rate of 4% to 4.5%.

You can buy a copy of Real Data’s full report here.

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

Rents Up, Vacancy Up in the Triad

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

Piedmont Triad Apartment Vacancies Down, Rents Up

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.

Highlights from Just Released Real Data Report for Triad Apartment Market

Real Data just released their April, 2016 report from their March surveys for the Piedmont Triad and here are the highlights:

  • Average rents are up 2.1% since Mar, 2015
  • Vacancy rate is 7.5%, up from 6.7% in Sep, 2015
  • Demand has weakened in last 6 months, with only 355 units absorbed out of 929 completed over that time
  • Development pipeline includes 3,040 units under construction and another 3,220 proposed
  • Alamance is most active development sub-market with 630 units under construction
  • Average rents are: 1 BR-$673, 2BR-$760, 3BR-$973
  • Real Data projects vacancy to grow to 8% over next year, and rents to rise 2-3% as well.
  • Sub-market with highest overall rent: Guilford Central (Downtown Greensboro)
  • Sub-market with highest rent per SF: Forsyth Central (Downtown Winston-Salem)

For detailed reports, sub-market specific data, direct comps and more you can purchase a copy of the report from Real Data at www.aptindex.com.

Piedmont Triad’s Apartment Vacancy Rate Falls to 6.5%, Rents Rise 2.1%

The latest report for the Piedmont Triad apartment market was just released by Real Data and it’s full of good news for the industry:

  • The overall vacancy rate is 6.5%, down from 6.9% six months ago and 7.3% in Sep ’13
  • Same-store rent is up 1.5% over the last six months, and 2.1% since Sep ’13
  • Downtown Winston-Salem and Greensboro are the most active submarkets in the Piedmont Triad

If you’d like to learn more you’re in luck. PTAA is hosting an Industry Forecast Breakfast this Thursday during which industry analyst Jessica Rossi will use Real Data’s report as a basis to:

  • 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.

Piedmont Triad Apartment Indicators Still Strong

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.

Piedmont Triad Apartment Vacancies at Ten Year Low

Real Data just released it’s latest Greensboro/Winston-Salem report and the numbers show that the market continues to strengthen. Here are the basics:

Vacancy rate: 7.3%
Average rent overall: $705/month
Average rent in units <5 years old: $950/month
Average rent in units >30 years old: $600/month

The report also highlights the relatively light activity in new development considering the demand. From the report:

Despite strong demand, new development has been modest, with construction starting on less than 500 units over the past six months. Currently, there are more than 1,100 units under construction throughout the region and another 3,500 units proposed. Many developers plan to start construction in the next year, but financing remains tight.