North Carolina Markets Outperform
Though performances have come down with the rest of the nation, the three biggest North Carolina apartment markets are still logging rent change beyond the national norm. While Greensboro/Winston-Salem saw rent change fall below the rest of North Carolina earlier in the pandemic, this market managed some progress in recent months, with effective asking prices climbing 3.2% in August. This was one of the nation’s best performances among the largest 50 apartment markets. Raleigh/Durham retained minimal annual rent growth of 0.1% as of August, while Charlotte logged mild price cuts of 0.6%. In comparison, the U.S. overall logged its deepest decline in over a decade, with annual rent cuts of 1.4% cuts in August.