According to the latest data from MPF Research the Triad apartment market is the weakest in the Carolinas, and its year-over-year performance last quarter was one of the weakest in the country.
Remarkably, none of the nation’s 100 largest markets performed worse in 2012 than Greensboro/Winston-Salem. Losses were painfully universal, with every submarket and every product age group recording revenue declines. What happened? According to the Bureau of Labor Statistics, the Greensboro/Winston-Salem area has been producing consistent but unspectacular job growth over the past two years or so. As of November 2012, annual employment gains totaled 4,700 jobs. That’s below average nationally, but certainly enough to generate positive housing demand. However, it appears the bulk of the demand must be going to the single-family housing market.
In the full report (see video below) they also mention a couple of other factors that are affecting the Triad market: the region struggles to retain college graduates and young professionals thus impacting the performance of the high end market, and even though the Triad has seem some job growth over the last couple of years the region’s employment rate is still 5% below where it was in the first quarter of 2008. By comparison Raleigh and Charlotte have already regained all the jobs lost in the recession and added more.
Full story in the video: