Loebsack & Brownlee, PLLC

#KeepPounding #CarolinaPanthersSmallBusinessPartner

Thank you to Chuck Shane, Director of Market Analytics - Carolinas.

What could happen with investments and sale volume? Price appreciation has begun to level off. And recent sales show caps rates are starting to rise. #StateoftheUpstate2023 @UpperStateApt #YeahThatUSAA

New Supply likely to drive vacancy rates in the Upstate. It is expected to take longer to stabilize new units, bringing concessions potentially into view. #StateoftheUpstate @UpperStateApt #YeahThatUSAA

National nearly 1 million units are new construction. There’s a lot of construction to meet the demand, increasing supply potentially creating rent growth challenges. #StateOfTheUpstate2023 @UpperStateApt

Apartment Vacancy rate rapidly normalizing but also rising vs. where we were in 2020-2021. #StateoftheUpstate2023 @UpperStateApt #YeahThatUSAA

What has caused this growth? Mostly blue collar jobs, and jobs regarding trade, transportation and logistics. Companies like @BMW have helped drive job growth. #StateoftheUpstate2023 @UpperStateApt #YeahThatUSAA

Did you know that SC was one of the fastest growing states in the country? From 2021-2022 The Upstate saw exponential growth. #StateoftheUpstate2033 @UpperStateApt #YeahThatUSAA

Get your pens and pads ready! We are here today with @UpperStateApt for the “State of the Market.”

That’s a wrap! Thank you for joining! #WeAreGCAA #LBLiveTweet @GreaterCAA

What is a challenge or opportunity for the CLT market? - We could potentially see a forced change in pricing. - Legislation and regulation can be a concern. #LBLiveTweet #GCAAEconomicForecast

- NC along with Tennessee are in a much better position in the “balancing act” to potentially rebound from economic pitfalls. - While economic uncertainty is... certain, but nothing like 2008. So there’s optimism. #LBLiveTweet #GCAAEconomicForecast

What are you expecting for the Multifamily industry? - Expecting demand to be muted and new supply to be elevated. - The split in job growth. Upper level incomes are concerns due to projects in the tech and finance sectors. #LBLiveTweet #GCAAEconomicForecast

Now to our panelists.

Charlotte is anticipating continued exceptional growth. Particularly in New Construction over a 2 year period. The average lease up time is 13 months, however the Queen City is seeing lease ups taking less than year. #LBLiveTweet #GCAAEconomicForecast

Class D properties have dipped significantly due to supply pressure which we can expect to continue. #LBLiveTweet #GCAAEconomicForecast

Over 50% Renter households are under the $50,000 threshold.

The labor force we are back to we’re we were going into 2020 numbers.

First up - Jordan Brooks with ALN Apartment Data.