The occupancy rate for multi-family apartments in the Columbia metropolitan area improved over the past six months to 91.7%, according to a market analysis released Tuesday by Real Data.
There was positive absorption recorded during this time with the Northeast submarket experiencing the strongest demand, according to the Charlotte-based research firm.
The report said there are approximately 3,600 multi-family units proposed to be built or under construction in the Columbia market. More than half of those units are in the “Central submarket,” which includes downtown and surrounding areas.
The report added that rental rates increased by 2.8% over the past 12 months bringing the average monthly rent to $987.
“New supply is forecasted to fall below demand over the next 12 months,” the report said. “This will allow occupancies to rise marginally.”
Rents are expected to increase 3.0% to 3.5% annually through 2018, according to the report.