RealData October Report Shows Rent and Occupancy Rates Up in Last Six Months
Real Data released its October, 2020, report for the Piedmont Triad apartment market, which is derived from surveys conducted in September, and it shows a positive uptick in both rent and occupancy rates over the last six months (March to September). Some highlights:
- September vacancy rate - 4.4% (was 6.0 in March)
- September average rent per square foot - $1.003 (was $0.985 in March)
- 2,298 units are currently under construction
Finally, this optimistic note from their summary:
Despite the ongoing Covid-19 pandemic, the outlook for the Triad apartment market is bright. Occupancy rates are forecast to trend slightly higher in the coming year as development activity remains modest. Rent growth is also expected to be strong in the coming year with same unit rents rising 3.5-4.0%.
To get a full copy of the report visit aptindex.com.