Greensboro

Greensboro is has been performing impressively well into the first half of 2022. Rent growth in this market has been ahead of the national average, growing 3.5% year over year with rents still below the national average at $1,141, below the national average by $493.

While the vacancy rate in Greensboro is 9.3% the long-term job growth of Greensboro’s manufacturing, transportation, and utilities is expected to increase the demand for multifamily housing. This has lead to the C class properties seeing the highest rent growth at 4.8%.

Construction has been steady in Greensboro with 1900 units currently under construction. The north west I-40 corridor is the focal point for new development with more than 30% of the deleverd units over the last decade.

Cap Rates in Greensboro have been similar to the other major markets having all classes of multifamily just below a 5% cap with cap rates expected to increase to a 5.09% by Q3 2023 for class c assets.