Columbia Apartment Vacancy Ticks Up


According to Real Data, the Columbia area’s current occupancy rate is 91.4%. Absorption was positive over the past six months with a gain of renters, but is not at the high levels previously recorded in recent years. The Central submarket recorded the highest demand during this time period. The number of units under-construction more than doubled over the past six months to nearly 1,600 units.

All units currently under-construction are located in the Central and Northeast submarkets. The average monthly rent is now $831. Demand is expected to increase gradually over the next year, but the area will likely see a spike in new units delivered in 2015. Rents are expected to increase by an average of 2% over the next year.

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