Job Growth, Rising Rents, Low Interest Rates: The Trifecta
- Vacancy increased slightly from year-end 2011 to year-end 2012; still healthy at 7.1%.
- A and B product maintains high occupancy; higher vacancies in C product.
- Rents at historic highs.
- More Class “A” product is needed, especially in infill locations.
- Unabated demand and developers are...developing.
- Four projects delivered in 2012 and seven projects commenced construction.
- Charleston’s population and employment will continue to outpace the state and nation.
2012 Market Recap
The Charleston multifamily market accelerated in 2012 with seven new projects breaking ground, which represented half of the 4,145 units that were proposed in 2011. The market’s increased pace builds on the momentum that was generated over the previous two years. In contrast, in 2011, fewer than 100 units were added to the total inventory. The lull in development met steady absorption resulting in a stable market that has since continued to improve, driven by the area’s increased population and employment growth.
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