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Southeast Real Estate Investment Market Report: March 2020

impact of gen z

Impact of Gen Z on the Multifamily Housing Industry. Watch out, there’s a new generation defining the future of the multifamily industry. While millennials make up 56 percent of the rental market, Gen Z comprises 74 million people, making it equal in size to millenials and baby boomers. Even though they may be young, they have money to spend. They contribute $44 billion to the U.S. economy and it’s only a matter of time before they head into the rental market.

Learn more about Gen Z's Impact

Market Activity

Atlanta, GA
Market Overview

The average rent rose 3.1 percent to $1,310 year-over-year through December – the lowest rate in the past eight quarters. Employment growth was sightly over the national average at 1.9 percent. Education and health services lead with 14,900 new jobs followed by the leisure and hospitality sector which gained 12,600 jobs in 2019. Rounding out the top three was the professional and business services sector which added 7,900 jobs. Atlanta is the fourth fastest-growing market for tech jobs in the U.S., so this sector is expected to continue to accelerate.

1,184
Homes Sold
$300,000
Avg. Home Price
$1,477
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
6.5%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
3.1%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
4.3%
Athens-Clarke County, GA
3.2%
Atlanta-Sandy Springs-Roswell, GA
3.2%
Augusta-Richmond County, GA-SC
3.7%
Brunswick, GA
3.5%
Chattanooga, TN-GA
3.6%
Columbus, GA-AL
4.0%
Dalton, GA
5.6%
Gainesville, GA
2.8%
Hinesville, GA
3.7%
Macon-Bibb County, GA
3.7%
Rome, GA
3.9%
Savannah, GA
3.3%
Valdosta, GA
3.7%
Warner Robins, GA
3.4%

Market Activity

Charlotte, NC
Market Overview

The local economy continues to diversify and draw new employers and skilled workers to the area generating a steady rental demand last year and into this year. This market was one of the top performers in 2019. The housing demand remained on a high note, with rents up 3.8 percent for the year.

1,063
Homes Sold
$260,000
Avg. Home Price
$1,244
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
6.2%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
3.6%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
3.4%
Burlington, NC
3.9%
Charlotte-Concord-Gastonia, NC-SC
3.7%
Durham-Chapel Hill, NC
3.5%
Fayetteville, NC
5.3%
Goldsboro, NC
4.3%
Greensboro-High Point, NC
4.2%
Greenville, NC
4.3%
Hickory-Lenoir-Morganton, NC
3.8%
Jacksonville, NC
4.7%
Myrtle Beach-Conway, SC-NC
4.8%
New Bern, NC
4.1%
Raleigh, NC
3.5%
Rocky Mount, NC
5.2%
Virginia Beach-Norfolk, VA-NC
3.3%
Wilmington, NC
3.8%
Winston-Salem, NC
3.9%

Market Activity

Orlando, FL
Market Overview

Amidst the current market situation, there is an exceptional outlook driving competitive pricing and shifting the mindset of investors for the Orlando market. The interest for Orlando has grown so much recently that the average cap rate now equals those posted in the Southeast Florida markets. Before, investors saw higher yields for Orlando assets as obligatory to balance the risks and lower the long-term rent growth associated with the market. However, recent performance of the market has erased that trend and investors have began to view the multifamily market’s long-run trends potentially slightly stronger than other metros.

991
Homes Sold
$260,000
Avg. Home Price
$1,429
Median Rent
Vacancy Rates Graph
U.S Census Bureau: fourth quarter 2019
8.7%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
2.8%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
3.1%
Crestview-Destin, FL
2.9%
Deltona-Daytona Beach, FL
3.6%
Gainesville, FL
3.0%
Homosassa Springs, FL
4.9%
Jacksonville, FL
3.1%
Lakeland-Winter Haven, FL
3.7%
Miami-Fort Lauderdale, FL
2.4%
Naples-Immokalee-Marco Island, FL
3.0%
North Port-Sarasota-Bradenton, FL
3.1%
Ocala, FL
3.9%
Orlando-Kissimmee-Sanford, FL
3.0%
Palm Bay-Melbourne-Titusville, FL
3.2%
Panama City, FL
3.6%
Pensacola-Ferry Pass-Brent, FL
3.2%
Port St. Lucie, FL
3.6%
Punta Gorda, FL
3.6%
Sebastian-Vero Beach, FL
3.7%
Sebring, FL
4.5%
Tallahassee, FL
3.2%
Tampa-St. Petersburg-Clearwater, FL
3.1%
The Villages, FL
4.6%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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