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Southeast Real Estate Investment Market Report: July 2020

How to attract Generation Z renters. Each generation has its own quirks. Gen Z is no different and appears to be more practical than others. While we’ve seen that some generations are happy to rent forever, Generation Z sees it as a stepping stone. In fact, 97 percent of them want to buy a home someday. Now, most of them won’t leave their parents’ home and immediately buy a house. This means you still have a chance to reach them. With this in mind, let’s cover how multifamily operators can reach Gen Z where they are spending most of their time – online.

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Market Activity

Atlanta, GA
Market Overview

Atlanta’s housing market experienced a 25.8 percent decline in sales for April compared to last year. In addition, new listings dropped 32.2 percent compared to April 2019. According to Norada Real Estate Investments, sales in the 11 counties that make up Atlanta’s metro area dropped 37 percent in May. This drop was steeper than the 25.8 percent drop in April. Yet, the median sales price increased by 0.3 percent in May, up to $291,000.

1,441
Homes Sold
$325,000
Avg. Home Price
$1,692
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-Roswell, GA 
8.6%
Augusta-Richmond County, 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

According to Colliers International, a significant amount of sublease space is currently available in Charlotte, with almost half a million square feet coming onto the market since Q1 2020. Approximately 450,000 square feet of this space has come onto the market since COVID-19 lock-downs began, and could remain through Q3 2020. With that, Centene Corporation announced it will be opening a regional headquarters in the University submarket of Charlotte. It plans to build a one million square foot campus and hire up to 6,000 employees to work at the new facility.

1,639
Homes Sold
$286,000
Avg. Home Price
$1,373
Median Rent
U.S Census Bureau: second quarter 2020
4.6%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
7.6%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
8.9%
Burlington, NC
7.9%
Charlotte-Concord-Gastonia, 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

Despite the city’s struggle with COVID-19, Orlando home sales are surging. A report from the Orlando Regional REALTOR® Association showed that home sales skyrocketed in June, up nearly 46 percent from May. With that, housing inventory in June saw a decline of 19 percent compared to June 2019. The median price of homes sold in June was $256,000, a 6 percent increase from $249,999 in June 2019.

1,120
Homes Sold
$275,000
Avg. Home Price
$1,427
Median Rent
U.S Census Bureau: second quarter 2020
7.1%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
10.4%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
9.8%
Crestview-Destin, FL
6.5%
Deltona-Daytona Beach, FL
9.7%
Gainesville, FL
6.7%
Homosassa Springs, FL
10.2%
Jacksonville, FL
8.0%
Lakeland-Winter Haven, FL
14.1%
Miami-Fort Lauderdale, FL
11.3%
Naples-Immokalee-Marco Island, FL
9.7%
North Port-Sarasota-Bradenton, FL
8.7%
Ocala, FL
8.5%
Orlando-Kissimmee-Sanford, FL
16.5%
Palm Bay-Melbourne-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%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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