Apr
22

Real Data: Charleston Apartment Occupancy Drops to 91.7%

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Development continues in Charleston with a record high number of units currently under-construction. The number of units proposed remains high with approximately 4,800 in the pipeline for development. Developers are focused on the Mt. Pleasant and West Ashley submarkets. Demand was flat for Charleston area apartments over the past six months, causing the occupancy rate to decline to 91.7%. After two and one-half years of steady rent growth, most Charleston submarkets saw a small pull back in rents. The average monthly rent is $842. Occupancy rates will likely experience a slight decline going into 2014 as nearly 2,500 units come on-line. Modest rent growth is expected over the next year.

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    Categories : Charleston

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