Nov
20

Apartment Investment Market Strengthening

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The occupancy rate for multifamily apartment units in the Midlands is tightening and investors are re-entering the market, according to a third-quarter marketing study issued by Colliers International. Growth in jobs and enrollment at the University of South Carolina are helping to attract investors, the commercial real estate firm reported.

Overall, apartment occupancy has increased 1.8% since January to 93.5% through the end of the third quarter, Colliers reported. The average monthly rent, meanwhile, increased 1.3% since the end of the second quarter, and is up 3.7% for the year. The area’s average monthly rent of $756 has been relatively flat since 2009, the report said.

“It is, however, projected that rental rates will improve during the next year as occupancy rates rise,” the report said. Sales of multifamily units are up as investors re-enter the market, Colliers said.

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    Categories : Columbia

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