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Southeast Real Estate Investment Market Report: August 2020

Single-family homes in high demand due to COVID-19. Following the Great Recession, the single-family rental (SFR) market experienced solid growth. In fact, the SFR market expanded by more than 3.8 million households between 2006 and 2016. Now, with COVID-19 a part of everyday life, this trend has continued as Americans rethink the kinds of lifestyles they want. With social distancing and stay at home orders in place, densely populated areas are losing their appeal to many, creating an uptick in interest for single-family homes.

Why renters prefer single-family homes

Market Activity

Atlanta, GA
Market Overview

Atlanta’s economy, which is typically sustained by a diverse business environment, has recently hit a COVID-19 roadblock. The region, which had already seen a slight softening prior to the pandemic, saw a 0.2 percent decline in rent this month. It’s been on a trailing three-month basis through June, according to Multi-Housing News. In addition, employment growth turned negative for the first time since 2010.

1,700
Homes Sold
$345,000
Avg. Home Price
$1,711
Median Rent
U.S Census Bureau: second quarter 2020
6.4%
Rental Vacancy Rate
0.8%
Homeowner Vacancy Rate
7.6%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
8.0%
Athens-Clarke County, GA
6.6%
Atlanta-Sandy Springs, GA
8.6%
Augusta-Richmond Co., GA-SC
7.2%
Brunswick, GA
7.9%
Chattanooga, TN-GA
8.2%
Columbus, GA-AL
8.7%
Dalton, GA
7.6%
Gainesville, GA
5.9%
Hinesville, GA
6.5%
Macon-Bibb County, GA
7.6%
Rome, GA
7.0%
Savannah, GA
8.6%
Valdosta, GA
6.4%
Warner Robins, GA
6.2%

Market Activity

Charlotte, NC
Market Overview

Due to a major statewide increase in COVID-19 cases, Charlotte faces an uncertain future. The state’s eviction moratorium expired June 21, and Charlotte’s city government is researching options to handle possible spike in eviction filings, according to Charlotte Business Journal.  Overall, the metro’s multifamily sector slowed with only a few projects continuing through the pipeline.

1,827
Homes Sold
$285,000
Avg. Home Price
$1,391
Median Rent
U.S Census Bureau: second quarter 2020
4.6%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
8.5%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
8.9%
Burlington, NC
7.9%
Charlotte-Concord, NC-SC
8.4%
Durham-Chapel Hill, NC
7.0%
Fayetteville, NC
10.0%
Goldsboro, NC
7.0%
Greensboro-High Point, NC
9.1%
Greenville, NC
7.3%
Hickory-Lenoir-Morganton, NC
8.2%
Jacksonville, NC
7.3%
Myrtle Beach-Conway, SC-NC
10.6%
New Bern, NC
6.7%
Raleigh, NC
7.2%
Rocky Mount, NC
9.6%
Virginia Beach-Norfolk, VA-NC
9.6%
Wilmington, NC
7.5%
Winston-Salem, NC
7.9%

Market Activity

Orlando, FL
Market Overview

Most southern states largely avoided the worst of the health crisis before they adopted flexible and early reopening plans that could pay dividends for their local economies. The relaxing of lock-down policies has the potential to save many small businesses, assuming a flare-up of the virus does not cause them to close again. Despite the challenges, investors and developers did not hit the brakes, and instead shifted focus to high-demand affordable housing in suburban zones.

1,380
Homes Sold
$275,000
Avg. Home Price
$1,457
Median Rent
U.S Census Bureau: second quarter 2020
7.1%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
11.3%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
9.8%
Crestview-Destin, FL
6.5%
Deltona-Ormond Beach, FL
9.7%
Gainesville, FL
6.7%
Homosassa Springs, FL
10.2%
Jacksonville, FL
8.0%
Lakeland-Winter Haven, FL
14.1%
Miami-West Palm Beach, FL
11.3%
Naples-Marco Island, FL
9.7%
North Port-Bradenton, FL
8.7%
Ocala, FL
8.5%
Orlando-Sanford, FL
16.5%
Palm Bay-Titusville, FL
8.5%
Panama City, FL
7.1%
Pensacola-Ferry Pass-Brent, FL
7.4%
Port St. Lucie, FL
9.3%
Punta Gorda, FL
9.4%
Sebastian-Vero Beach, FL
9.7%
Sebring, FL
9.2%
Tallahassee, FL
7.1%
Tampa-St. Petersburg, FL
9.2%
The Villages, FL
9.7%
Copyright © 2020 Broadmark Realty Capital, Inc., All rights reserved. All loans are made through BRMK Lending, LLC (NMLS #1919876) and BRMK Management, Corp. (NMLS #1919862). Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. Data shown in this email is an average over the last month unless otherwise marked

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