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Market Report

North Carolina Multifamily Market Report

Fourth Quarter 2019

Tightening Vacancy Spurs Rental Gains; Investors Pursue Promising Value-Add Assets

 

Job creation enhances household growth, rental demand intensifies. Corporations are taking advantage of North Carolina’s business-friendly climate and steadily adding positions. This triggered employment surges of at least 2.0 percent over the past year for all three of the state’s major markets. Through September, the Greensboro/Winston-Salem metro recorded its strongest annual job creation rate in over 10 years, as its access to multiple interstates continues to attract logistics companies. Working-class household growth is the primary beneficiary of this trend, contributing to lower Class B/C vacancy. Farther south, Charlotte, known as one of the nation’s financial centers, continues to emerge as a technology hub. Earlier this year Lowe’s opened a new technology headquarters, creating over 1,500 positions. These roles often offer higher wages, driving demand for luxury housing and triggering a vacancy contraction for Class A units.

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