Demand exceeded supply over the past six months in the Charleston metropolitan area which allowed the occupancy rate to improve to 89.9%. There are currently 4,652 units under-construction and 4,843 units proposed in the overall Charleston market. Rental rates have increased by 2.3% over the past twelve months.
As construction activity continues, supply is forecasted to exceed demand through 2019. This will allow vacancies to rise modestly. Rents will likely decline as communities compete by offering concessions in order to lure new renters.
SCBIZtv is part of the SC Biz News family, serving 100,000 high-level business execs throughout South Carolina. Click for more from SCBIZtv.