Jul
15

Greenville-Spartanburg Apartment Vacancy at 5.8%

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percentage downThe Greenville-Spartanburg-Anderson area’s apartment vacancy rate has dropped from 6.8% in May 2014 to 5.8% in May 2015.

According to a report from multifamily market tracker Real Data, of the 34,132 units in May 2014, 2,334 were vacant. In May 2015 there were 34,402 units with 2,008 vacant. The vacancy rate has steadily declined over the past 18 months. Absorption was positive with the gain of 365 renters over the past six months.

The area’s occupancy rate likely will rise over the next year. According to the report, supply will exceed demand throughout 2016 as a large number of new units are completed. Rent growth will be positive, but slow at 1% to 2% over the next 12 months.

The report also shows there are 2,771 units under construction in the Greenville area, which is the highest level ever recorded. There are 3,130 units proposed in the overall area. Downtown Greenville accounted for nearly all of the new units delivered in the past six months.

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