Oct
15

Charleston Apartment Vacancy Down to 5.3%

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According to Real Data, demand rebounded for the Charleston area apartment market with a record number of units absorbed over the past six months. As a result, the vacancy rate improved to 5.3%. The overall Charleston market has approximately 3,100 units under-construction and nearly 4,000 units proposed. The Mt. Pleasant submarket is currently the market leader  in construction activity. Same-store rents increased over the past six months bringing the average monthly rent to $959.

Demand is anticipated to keep pace with rising supply levels going into 2015. We expect rent growth in the 3-4% range for the coming year as occupancies remain in the 93-94% range.

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    Categories : Charleston

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