Apartment market in Charleston continues to see vacancy rate fall

Image by Flickr user Mitchell J. Goldstein

After ballooning to 15.3% two years ago, the Charleston apartment market has continued to recover to a rate of 9.1% in March.

The average price was $77.

According to market research firm Real Data:

The occupancy rate for the Charleston apartment market has hovered around 90% over the past year. There has been a steady demand for apartments as troubled for-sale housing conditions remain.

Development remains limited with only a small number of units completed during the past six months. While proposed units are high, the majority of them have been in the works for years waiting for improved market conditions before proceeding with development.

Occupancy rates and rent growth should show strong gains over the next two years.

However, the number is still well above the national average of some 7.6%.

The Charleston Regional Business Journal has a more flushed out report on the matter that you can read here.