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