A Tale of Two Cities: Part II

Posted By: Stephanie Beeman Blog ,

In February PTAA member Zumper released a report summarized by Triad Business Journal. The report found a significant difference between the Triad's two largest cities when it comes to rent growth for one and two bedroom apartments.

According to the report, median apartment rent in Greensboro was up 3.5% for one-bedroom units and 2.1% for two-bedroom units in January, with an overall increase for the past 12 months of 4.8% and 4.3%, respectively.

In the same time period rent prices in Winston-Salem remained stable for one-bedroom and dropped 2% for two-bedroom units. However, in the year to year comparison Winston-Salem showed a higher increase than Greensboro, at 11.3% for one-bedroom and 7.9% for two-bedrooms.

Both fall below the national median rent increase over 12 months, which was 12.3% and 14% respectively.

TBJ predicts that upscale developments that PTAA members have in the works will continue to drive median rents higher in the area, citing projects from Berkely Hall, Keystone Homes and Blue Ridge Companies, as well as Koury Corp.'s project on Cone Blvd.

To read the full article in TBJ, click here