RealPage Reports Rent Increases for Triad

RealPage released its rent report for the first quarter of 2019 which showed that the Triad had the fourth highest increase in the country. From an article in the Triad Business Journal:

Rent prices in the Greensboro/Winston-Salem metro area saw a 5.2 percent increase in the first quarter, with an average rent price of $830.

Greensboro/Winston-Salem ranked No. 4 in rent price increase among large metros, according to a first quarter apartment market report by RealPage Inc. (NASDAQ: RP). Phoenix, Arizona (up 8 percent), nabbed the top spot, followed by Las Vegas, Nevada (up 7.9 percent), and Atlanta, Georgia (up 5.3 percent). Charlotte ranked No. 11, with a 4 percent increase in rent prices.

Greensboro/Winston-Salem outpaced the national average, with U.S. apartment rents increasing by about 3.2 percent on an annual basis. 

Zumper: Triad Rents Among the Nation’s Lowest

According to a report released by Zumper, rents in Greensboro and Winston-Salem were among the lowest in the 100 markets they surveyed. From an article in the Triad Business Journal:

Of 100 U.S. cities surveyed, Greensboro was No. 88 with average monthly rent of $720 for one-bedroom unit ($820 for two bedrooms). The prices reflected a 5.9 percent yearly increase for one bedroom and a 3.8 percent jump for two bedrooms.

Winston-Salem, which was No. 78 on the list at $780 ($840 for two bedrooms), has experienced a larger spike in rent prices, with increases of 9.9 percent and 10.5 percent, respectively…

Charlotte ($1,160 and $1,310) ranked No. 33; Durham ($1,110 and $1,270) was No. 43; and Raleigh ($1,000 and $1,150) was No. 48.

Apartment List Data: Winston-Salem Had Fastest Nationwide Median Rent Growth Last Month

According to data released by Apartment List, median rents (July,2017) in Winston-Salem and Greensboro were among the lowest in the 100 largest US metro areas, but they are growing. Winston-Salem came in at the 94th slot, with median 1BR rents of $640 and 2BR rents of $780. Greensboro came in at the 85th slot, with median 1BR rents of $710 and 2BR rents of $840.

Source: Apartment List

While the rents are low in the Triad, Winston-Salem’s rent growth is actually among the strongest in the country. Median rents there grew 1.8% from June to July (1st in the country), and 4.6% from July, 2016 to July, 2017 (26th in the country). Greensboro’s rent grew 0.5% from June to July (50th in the country), and 3.3% from

Greensboro’s rent growth wasn’t as spectacular as its neighbor to the west, but 0.5% from June to July (50th in the country), and 3.3% from July, 2016 to July, 2017 (43rd in the country) still beats a stick in the eye.

You can read the full report here.