Oct
07

Charleston Apartment Vacancy Below 10% for First Time in Two Years

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From Real Data:

Charleston has experienced an influx of jobs mainly due to the two large industrial facilities that have decided to locate in the Charleston area, Boeing’s Dreamliner facility and the wind turbine testing facility for Clemson University’s Restoration Institute. While unemployment remains high at 9.4%, the Lowcountry is trending slightly lower than the rest of the state.
Despite the troubled economy, demand was high for the Charleston area over the past six months. Apartment rentals have become an attractive alternative to home ownership pushing the vacancy rate below 10% for the first time in over two years. The current vacancy rate is 9.8%.
This increase in demand has allowed same-store rents to rise for the first time in 18 months. The average rental rate is currently $772 per month. Development has slowed significantly for the Charleston area with only 32 units completed during the past six months. Occupancy rates should continue to increase due to the lack of new supply.
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