The multifamily sector remained strong with the Sunbelt and Mountain West regions benefiting the most. Greensboro/Winston-Salem saw stronger demand than the U.S. average, with multifamily absorption totaling 1.8% of the total inventory.
Trends in corporate relocations have paralleled multifamily patterns, as Fortune 1000 firms’ headquarters shifted towards the Sunbelt and Mountain regions in the past decade (2010-2020.) Between 2019 and Q1 2021, 78 large corporations announced HQ moves, of which 68 are interstate. More than half of these announcements are leaving California and the most common destination is the Sunbelt. In total, 32 Fortune 1000 companies are headquartered in North Carolina, the 11th-highest concentration in the U.S. The lower cost of doing business, high quality of life metrics, and growing college-educated workforce attracted five new firms to North Carolina over the past decade, more corporate adds than any other state.
Greensboro/Winston-Salem was one of the top performers for 2021 multifamily effective rent growth, and rents are expected to continue accelerating over the coming years. With 4.0% growth, the region experienced the eighth-steepest increase in the U.S. over the past year.
Projected job growth in Greensboro/Winston-Salem is expected to accelerate through 2030. The metro’s low cost of living, high concentration of Fortune 1000 companies, and faster-than-average recovery to pre-pandemic performance will continue to attract new residents in the coming decade. For more, check out the Talent on the Move: Where People Live & Work After COVID-19 report.