Greensboro/Winston-Salem is a Top Five Rent Growth Performer

Among the nation’s 50 largest apartment markets, Greensboro/Winston-Salem ranks in the top five for rent growth performance. As of October, annual effective asking rent growth here hit 4.3%, quite a difference from the rent cuts of 1.3% recorded in the nation overall. The only major markets seeing more rent growth right now are Riverside, Sacramento, Virginia Beach and Memphis. While Greensboro/Winston-Salem’s pricing performance did falter with the rest of the nation in April, when the COVID-19 pandemic triggered a nationwide downturn, this market never saw rent growth get below the 2% mark. Meanwhile, operators in some more expensive markets resorted to price declines. Despite recent rent increases, Greensboro/Winston-Salem is still the most affordable out of the nation’s 50 largest apartment markets, with average monthly rents of $925 as of October. In comparison, U.S. average rents run notably higher at $1,412.