Charleston Apartment Market: Recovery!
The Charleston multi-family market is healthy with continued job growth and a near complete absence of recent delivery of new product. Though new supply is coming, we expect the local job market to improve and the Charleston apartment market to continue to strengthen in fundamentals of supply, demand, absorption and, yes, even rent growth.
The Charleston apartment market spans across Charleston, Berkeley, and Dorchester counties containing about 28,000 apartment units that are segregated into seven submarkets as shown in the table below. Since 2000, the apartment market in Charleston has grown modestly (+20%); humble growth relative to other cities in the Southeast, primarily a result of lack of available/developable land in proximity to where the jobs are – Central, Mount Pleasant, and West Ashley. Currently the majority of units are in just two of the seven submarkets: Summerville (suburban northwest) and West Ashley (infill and suburban west). Together, these two submarkets comprise over half (53%), of the entire inventory of units in metro Charleston. Summerville is mostly newer product as a result of suburban sprawl while West Ashley is mostly older product.
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