Strong apartment demand over the past six months caused the occupancy rate to reach 93% in the Charleston area, according to a report issued by Charlotte-based Real Data. Nearly 5,000 units are set to be developed in the region.
Published Oct. 2, 2012
Strong apartment demand over the past six months has caused the occupancy rate to reach 93% in the Charleston area, according to a report issued by Charlotte-based Real Data.
With 1,550 apartment units under construction and 4,700 units proposed for development, builders are still seeking the region out. Mount Pleasant and West Ashley are the most active submarkets for development, the report said.
The average rent is $853 per month, up from $807 as stated in Real Data’s September 2011 report.
The occupancy rate is expected to remain level for the next year, with modest rent growth forecasted in 2013.
Real Data tracks statistics on more than 1 million multifamily units in North Carolina, South Carolina, Florida, Virginia, Georgia and Tennessee. The firm studies apartment communities with at least 50 units.