Apr
01

Charleston Apartments – Rents & Occupancy Up

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According to Real Data, the vacancy rate improved greatly over the past six months for the Charleston area. High demand for apartments in the area improved the vacancy to 5.2%. There were a record number of units absorbed over the past six months. The development boom continues in the Charleston area. The number of units under-construction remains high. There are approximately 3,700 units currently proposed, the majority of which are located in the West Ashley and James Island submarkets. Rents increased to $903 per month over the past six months. Demand and rent growth are expected to remain strong over the next year.

BLOG NOTE:

Integra – South Carolina routinely completes appraisals in the Charleston region, and has great data for the market. Let me know if we can assist with your Charleston appraisal needs.

Michael B. Dodds, MAI, CCIM

mdodds@irr.com

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    Categories : Charleston

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