Jul
13

Real Data: Greenville Apartment Vacancy at 6.7%

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real data Logo According to Real Data, absorption over the past six months for the Greenville-Spartanburg-Anderson area was strong. However, demand could not keep pace with new supply allowing the vacancy rate to rise to 6.7%. There were over 1,000 units added to supply during the past six months. The majority of construction activity is occurring in the Greenville-Downtown submarket with approximately 1,200 units currently under-construction in that submarket alone. The current average monthly rent is $899.

Supply will exceed demand over the next twelve months allowing the vacancy rate to continue to rise. Rental rates will increase over the next year but at a slower pace than previously recorded.

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    Categories : Greenville

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