Dec
03

Greenville Apartment Effective Rents Up 1.6%

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Annual growth in effective rents for South Carolina’s Greenville/Upstate apartment market came in at a modest 1.6% in 3Q 2013. That’s quite a shift in general momentum for a place that had been one of the country’s top achievers among secondary metros, with annual rent growth previously running at an average of more than 4% since the middle of 2010.

When that sort of performance result registers you always wonder whether it’s a big-picture inflection point in the pattern or just a one-off odd number. From MPF Research’s perspective, the latter, one-off scenario appears more likely, given that nothing really seems to have changed in the factors that are Greenville’s key apartment market drivers.

Occupancy in the metro remains in good shape. A rate between 94% and 95% has been normal here for the past couple of years, and the 3Q reading came in toward the high end of that range at 94.8%. A lot of the Upstate area’s vacancies are found in the outlying Spartanburg County market, where occupancy – now at 92.1% — has tended to hover 200 to 300 basis points below the metro norm for quite a while.

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