Sep
30

Charleston Apartment Occupancy Jumps 300 Basis Points

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Vacancies have reached near-record lows for the Charleston-area apartment market, according to data released this week by a multifamily market analysis company.

Carolinas Real Data reported that over the past six months, the Charleston vacancy rate for multifamily real estate has improved by nearly 3 percentage points. The company said the submarkets recording the lowest vacancies are Mount Pleasant and James Island.

“Although there was no new supply added to the Charleston apartment market over the past six months, there was an increase in development activity,” the Real Data report said.

The report said units are under construction in the Mount Pleasant and Goose Creek submarkets. Commercial and residential construction of all kinds has been depressed since the recession.

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