
Category: Uncategorized
Office To Apartment Conversions
Emerging Multifamily Markets In 2024
From Multi-Housing News, four markets in the Carolinas made the top 10:
#2: Greenville, NC
#4: Wilmington, NC
#6 Augusta, SC
#8: Winston-Salem & Greensboro, NC





Distressed Multifamily Loans Decline In January
Distress includes any loan with a payment status of 30+ days, any loan actively with the special servicer, and includes non-performing and performing loans that have failed to pay off at maturity.


Cary, North Carolina Leads The Country In Remote Work
Charlotte is in the top 20 as well, with close to a third of workers staying home:

Other North Carolina cities making the list include Raleigh (#48), Durham (#64), Wilmington (#104), Winston-Salem (#150) and Greensboro (#172).
Multifamily Occupancy Falls To 10 Year Low
It’s fallen back in line with the 10 previous years (2004 – 2014), which averaged 93.4%.


Rent Growth Outperforming In Smaller Multifamily Markets
Multifamily Permits and Starts: January 2024 Data
Permits (+1.4%) and starts (+7.5%) were both up month-over-month, however, both were down from where they were a year ago (permits -26.6% and starts -9.5%).

Domestic Migration Heat Maps
South Carolina experienced the highest annual percentage growth in population and North Carolina ranked third.

Based on total population change, North and South Carolina were in the top four:


January 2024 National Rent Reports Summarized
Monthly and annual rent changes through December:
| Source: | Month: | Monthly: | Annual: | Vacancy: |
| Apartment List | December | -0.80% | -1.00% | 6.50% |
| CoStar | December | 0.04% | 0.79% | 7.43% |
| Apartments Advisor | December | 0.12% | -3.03% | N/A |
| Apartments.com | December | 0.00% | 0.80% | 7.50% |
| Redfin | December | -0.20% | -0.80% | N/A |
| Zillow Single Family | December | -0.20% | 3.30% | N/A |
| Zillow Multifamily | December | -0.30% | 2.70% | N/A |
| Yardi Matrix | December | -0.23% | 0.30% | N/A |
| Rent.com | December | -0.11% | -0.78% | N/A |
| Realtor.com | December | -0.23% | -0.40% | N/A |
| Average: | -0.19% | 0.19% | 7.14% |







