Triad Rent Growth, Occupancy Strong According to Latest Real Data Report
Real Data recently released its April, 2021 report for the Piedmont Triad apartment market and it shows that the market is still very strong. From the report's summary:
The average vacancy rate for apartments in the Triad re-mains at 4.4%. Demand has been strong with 2,302 units absorbed over the past year, while 1,318 units were com-pleted over the same time period.
New apartment construction continues throughout the Triad with 2,469 units currently under construction and another 4,881 units proposed. Some developers are planning to start construction this year, but most are projecting starts in 2022.
The region continues to post healthy rent growth at 5.3% over the past twelve months. The average rental rate is now $980 per month, as compared to $937 just twelve months ago. One bedroom units average $862, two bedrooms rent for an average of $989 and three bedrooms rent at $1,214 on average.
The Triad market has shown strong demand and rent growth over the past twelve months. This trend is expected to con-tinue for the next twelve to eighteen months.
To get a full copy of Real Data's Triad Market Report, including individual property reports, visit www.aptindex.com and tell them we sent you!