Today Real Data released the results of its latest market report for the Piedmont Triad and the numbers remain strong:
- Vacancy – 6.9% (up slightly from 6.5% in Sep, ’14)
- Average rent – $741 (up from $728 in Sep, ’14)
- Average rent per SF – $0.788 (up from $0.744 in Sep, ’14)
- Same-store rent change $ – $8.87 (it was $10.60 in Sep, ’14)
- Same-store rent change % – 1.2% (it was 1.5% in Sep, ’14)
The sub-market that saw the greatest growth was the Central Forsyth market which added 322 units which helps explain the 12.5% vacancy rate in the area. Central Forsyth also has 397 units under construction, which is impressive but Central Guilford has 595 under construction. Long story short, the downtown Winston-Salem and Greensboro markets are exploding in terms of units. Rent per SF in those markets are by far the highest with Greensboro coming in at $1.018/SF and Winston-Salem coming in at $0.979/SF – the next closest is the NW Guilford sub-market at $0.809/SF.
Other highlights of the report include the fact that Alamance/Burlington has 401 units under construction and that the sub-markets with the lowest vacancy rates are Northern Guilford (4.4%) and Eastern Forsyth (4.5%).
You can buy a full copy of the report, which includes extensive demographic data and property-specific reports, at www.aptindex.com
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.
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.
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.