Feedback on the rental market in Greensboro, NC

[Chris L.]

Hello All, I'm interested in feedback on the multi-family & SFR real estate market in Greensboro, NC. I would like to hear from BP members that are in the trenches and/or currently invested in this market. Key indicators like job and wage growth seem to be holding steady for the last several years and property values seem to be increasing steadily. Can someone give me their view on the current cap rates & vacancy rates for multi-family properties. I would also like to connect with residential & commercial real estate agents for any current/future opportunities. Thank you in advance

[Denny Pugh]

Not really in "the trenches" at the moment, but I will say that their seems to be a lot of multi-family projects under construction. Some are just nice mid-range apartments and some are upper end. Some in town and some on the edge of town. The I-40 corridor from Greensboro to Wilmington seems to be where most of the developers (residential, light industrial, commercial and retail ) have their eyes pointed. Been slow for a while but seems to be picking up steam again, they seem to know something is happening or about to happen.  

The realtors say that they need more inventory, and I notice that their seem to be a lot fewer "For Sale" signs in the upscale neighborhoods. I think prices are a bit slow to rise but improving, most of the foreclosure inventory has been sold off so that should help. What I have noticed in a larger than normal number of property tax foreclosures listed. I think that may be because they have been so reluctant to press the issue until the economy improved though.