Mar
30

Charleston Apartment Vacancy at 6.7%

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percentage downAccording to Real Data, the current vacancy rate for the Charleston area is 6.7%. There was positive absorption over the past six months with the gain of 443 renters.

Construction activity increased over the past six months with 3,700 units under-construction. The number of units proposed in the Charleston area is at the highest level ever recorded by Real Data. The majority of these units are located in the Mt. Pleasant submarket.

Same-store rents increased over the past twelve months raising the average monthly rent to $976. Demand is expected to fall short of new supply levels going into 2016. Occupancies are likely to stay in the 92%-94% range throughout the year. Rents are expected to increase at a slower pace than recorded in recent years.

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    Categories : Charleston

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