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Real Estate Investment Market Report for Georgia, North Carolina, and Florida: April 2021

multifamily investment financing

Investing in multifamily properties is a great option for those looking to get into real estate investing and feel comfortable with the responsibility and time commitment. Done right, they can be a great source of passive income. However, it’s important to have an in-depth understanding of how to find properties that will provide worthwhile returns on your investment, and subsequently acquire them. Crunching the numbers instead of being influenced by extraneous factors will quickly give you a comprehensive insight into an overall project.

Learn about the benefits and the challenges

Market Activity

Atlanta, GA
Market Overview

In February 2021, Atlanta’s unemployment rate dropped below the 5 percent mark for the first time since before the pandemic, down to 4.5 percent. However, the first quarter’s average unemployment rate was 5.2 percent. It’s expected that the number of people looking to enter or reenter the workforce will increase and will elevate the unemployment rate once again. Additionally, there were still a large number of corporate relocations, indicating a move towards economic recovery.

1,805
Homes Sold
$350,000
Avg. Home Price
$1,948
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
7.8%
Rental Vacancy Rate
1.1%
Homeowner Vacancy Rate
4.5%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
5.3%
Athens-Clarke County, GA
3.4%
Atlanta-Sandy Springs-Roswell, GA
4.1%
Augusta-Richmond County, GA-SC
4.1%
Brunswick, GA
3.8%
Chattanooga, TN-GA
4.3%
Columbus, GA-AL
4.5%
Dalton, GA
3.9%
Gainesville, GA
2.6%
Hinesville, GA
3.9%
Macon-Bibb County, GA
4.5%
Rome, GA
3.7%
Savannah, GA
4.0%
Valdosta, GA
4.0%
Warner Robins, GA
3.8%

Market Activity

Charlotte, NC
Market Overview

Compared to other areas of the country, Charlotte’s economy was affected less severely by the pandemic. During its peak in May, Charlotte’s unemployment rose to 13.2 percent, having since recovered to 5.8 percent as of the first quarter of 2021. Corporations continue to relocate to the market, a trend that is expected to continue throughout 2021, as evidenced by Robinhood’s announcement to bring 389 jobs to Queen City. Additionally, Atrium Health has announced plans to build a four-year medical school in Charlotte’s Midtown submarket.

1,646
Homes Sold
$320,000
Avg. Home Price
$1,449
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
6.9%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
5.2%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
4.2%
Burlington, NC
4.5%
Charlotte-Concord-Gastonia, NC-SC
4.6%
Durham-Chapel Hill, NC
3.8%
Fayetteville, NC
6.4%
Goldsboro, NC
4.8%
Greensboro-High Point, NC
5.2%
Greenville, NC
4.6%
Hickory-Lenoir-Morganton, NC
4.5%
Jacksonville, NC
4.8%
Myrtle Beach-Conway, SC-NC
6.2%
New Bern, NC
4.4%
Raleigh, NC
3.9%
Rocky Mount, NC
6.3%
Virginia Beach-Norfolk, VA
5.8%
Wilmington, NC
4.1%
Winston-Salem, NC
4.5%

Market Activity

Orlando, FL
Market Overview

Orlando, one of Florida’s major tourism markets, had an unemployment rate of 6.4 percent in February 2021, which was 0.1 percent lower than the previous month but 3.3 percent higher year-over-year. Every employment sector lost jobs over the last year, with the leisure and hospitality sector losing 60 percent or 102,100 jobs, followed by professional and business services which lost 23,400 jobs.

1,580
Homes Sold
$294,500
Avg. Home Price
$1,400
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
6.9%
Rental Vacancy Rate
1.5%
Homeowner Vacancy Rate
4.7%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
4.6%
Crestview-Destin, FL
4.0%
Deltona-Daytona Beach, FL
5.1%
Gainesville, FL
4.0%
Homosassa Springs, FL
6.4%
Jacksonville, FL
4.4%
Lakeland-Winter Haven, FL
5.6%
Miami-Fort Lauderdale, FL
6.4%
Naples-Immokalee-Marco Island, FL
4.0%
North Port-Sarasota-Bradenton, FL
4.4%
Ocala, FL
5.5%
Orlando-Kissimmee-Sanford, FL
5.4%
Palm Bay-Melbourne-Titusville, FL
4.5%
Panama City, FL
4.5%
Pensacola-Ferry Pass-Brent, FL
4.5%
Port St. Lucie, FL
4.9%
Punta Gorda, FL
5.0%
Sebastian-Vero Beach, FL
5.2%
Sebring, FL
6.2%
Tallahassee, FL
4.6%
Tampa-St. Petersburg-Clearwater, FL
4.7%
The Villages, FL
6.6%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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