Apr
30

Greensboro/Winston-Salem Apartment Vacancy at 6.9%

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The average vacancy rate for apartments in the Triad is now 6.9%, which is the lowest rate reported in more than a decade, according to the latest report published by Real Data. Demand for apartments remains strong as the individuals continue to choose renting over buying a home.

New development has stepped up, with construction starting on more than 1,300 units in the last six months. Currently, there are nearly 2,000 units under construction throughout the region and another 2,500 units proposed. Even so, demand is expected to continue exceeding supply over the next 12-18 months.

Apartments in the Triad now rent for $710 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at more than $1,000 per month.

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