Piedmont Triad Apartment Market Remains Hot – Where is it Hottest?

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%.

Source: AptIndex.com

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.

Triad’s Average Rent Growth is Strong According to Real Data

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