Asheville, North Carolina

LOCAL ECONOMIC GROWTH for Asheville, NC
ASHEVILLE SUBMARKETS

Asheville Apartment Market Summary
The vacancy rate has improved beyond what was expected and is now 3.8%. Shrinking supply and a low number of new completions over that last year helped to lower vacancy rates in Asheville. The East submarket currently holds the lowest vacancy rate in the market at 2.1%.

Development is getting geared up for 2007. Currently, there are 178 units under construction and only 30 of those units started in the last year. However, there are 743 units proposed to be built in the region. The majority of these planned units are located in the West submarket.
The average rental rate is $735 per month. Same-store rents increased 3.9% over the past twelve months. One bedroom rents average $656 per month. Two bedroom rents are $746 and three bedroom rents are $852. The Central submarket, which includes downtown Asheville, commands the highest rental rate at an average of $810 per month.
Based on the current development pipeline, the occupancy rate should improve, rising above 97% in the next twelve months.

Market Data Information Source: © December, 2006  Real Data Aptindex