Winston-Salem

Population growth in Winston-Salem, while slower than in larger metros such as Charlotte and Raleigh, has remained steady over the past few years, bolstering demand for housing. While multifamily absorption has turned negative in recent quarters, strong demand in 2021 and a lack of new deliveries have kept vacancies below long-term trends. In the absence of new supply, landlords have been able to increase rents more aggressively, and asking rent growth is outperforming Winston-Salem’s historical averages. Continued growth in the market is expected to support demand for rental housing in the long term.

Innovation Quarter, the most significant mixed-use development in Downtown Winston-Salem, has served as an incubator for innovation and a source of demand for new apartments. Its tenant base includes software companies such as Sunrise Technologies and Clinical Ink, Wake Forest University, and Allegacy Federal Credit Union. Inmar also houses its corporate headquarters at Innovation Quarter. The data analytics firm employs more than 1,100 workers in the Triad.

Winston-Salem remains attractive among investors, and multiple large sales closed in 2021 and throughout 2022.