Dec
05

Columbia Apartment Vacancy at 15 Year Low

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According to Real Data, the Columbia area’s vacancy rate improved by one percentage point over the past six months. The current vacancy rate is the lowest recorded for Columbia in fifteen years. The Central (Downtown) and Lexington submarkets reported the lowest vacancies during this time period. The development pipeline remains active with the number of proposed units doubling over the past six months. There are nearly 2,000 units currently under construction and approximately 500 units were added to supply during this time period. Same-store rents increased over the past six months increasing the average monthly rent to $855.

Demand is expected to continue on an upward trend into 2015 and the occupancy rate should remain steady through 2015. Rental rates will likely increase by 1.5%-2.5% throughout the next
year.

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    Categories : Columbia

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