Real Data: Asheville Apartment Vacancy at 7.2% By MBD By

Demand for apartments in the Asheville area has surged over the last year. According to the latest report by Real Data, an apartment research firm based in Charlotte, demand for apartments in this market reached the highest level ever recorded.

The average vacancy rate is now 7.2%, which is down from a high of 12.8% in 2009. The average rental rate has risen to $839 per month.

Despite strong demand, new construction has slowed recently with just over 300 units currently under construction. Most of these units are located at Ballantyne Commons in Hendersonville, which expects to begin move-ins in January 2013. While there are currently more than 1,200 additional units proposed throughout the Asheville area, most do not plan to start construction till mid/late-2013 and will take 12-24 months to complete.