GREENSBORO, N.C. -- The apartment vacancy rate in the Triad is the lowest it has been in a decade, according to a report released by a Charlotte research firm. In fact, the report shows demand for rental properties is so high that more than 93 percent of apartment units in the Triad are currently occupied.
The Greenway at Fisher Park apartments in downtown Greensboro has been particularly successful.
“Right now we're 100 percent occupied, so we actually have a waitlist for the next year. We're also in preparations for our second phase right now,” said Hannah Boyd, property manager at Greenway at Fisher Park.
Kerri Person, with Rent-A-Home of the Triad, says the same is true for all types of rental properties, like duplexes and houses.
“Our rent values have trickled up some. The key though I think to renting the property quickly is having it priced right, and it needs to show well,” said Person.
Person says they’ve already rented 408 properties this year, which is an 8.5 percent increase compared to last year. She says the reason for the trend is people don’t want the responsibilities of owning a home. Plus, more young people are moving to the area.
Because people want the convenience of renting, many developers are investing in new apartments across the Triad.
Greenway at Fisher Park is currently adding 67 units to the property.
“People want new opportunities. People don't settle as much these days as they used to, so it gives them the opportunity to give them that option to stay or leave - short term or long term. Then it's our job to make them love it so much they want to stay for a longer period of time,” said Boyd.
Real Data surveyed 61,137 units for its Greensboro/Winston-Salem/High Point Apartment report.