Columbia Apartment Occupancy Up to 92.5%


upward-graphAccording to Real Data, absorption figures for the Columbia area were positive over the past six months with the gain of approximately 750 renters. The occupancy rate improved slightly during this time period to 92.5%. Developers remain focused on the Central (Downtown) submarket. There are roughly 1,200 units under-construction and 800 units proposed in that particular submarket. The current average monthly rent for the overall market is $908.

Demand is expected to increase throughout 2016. However, it will fall short of new supply levels allowing vacancies to rise. There will likely be an 1% – 1.5% upturn in rental rates over the next twelve months.

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