Oct
10

5,500 Apartment Units Under Construction in Charleston

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Multifamily constructionDue to an influx of new starts, there are nearly 5,500 units under construction in the Charleston metropolitan area, which is the highest level recorded by Real Data. The Mt. Pleasant submarket leads with 2,028 units under construction among seven communities. Rental rates have increased over the past year by 3.3% bringing the average monthly rent to $1,113. The current occupancy rate is 94.4%.

Demand is expected to remain strong in 2017. However, as the abundance of new supply comes online, occupancies are likely to decline. With the arrival of new apartment communities, competition will likely dampen rent growth over the next year.

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    Categories : Charleston

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