IRR-Charleston Mid-Year Viewpoint 2015 Local Market Report - Multifamily
The Charleston multifamily market is in currently in an expansion phase and is experiencing the most multifamily development in 15 years. Market rental rates had slow increases until the third and fourth quarter of 2014 where they approached 3% growth in a six month period and steady rental increases are expected. The absorption rate was close to 1,800 units which was just over the new supply for the first time since 2008.
The Vacancy rates have risen slightly but the lack of completed units in the first part of 2015 has held the average vacancy rate between 5 and 6%. Most of the new development is in the North Charleston Submarket where the Boeing facility is located and Mount Pleasant. Cap rates continue to drop as demand for Class A developments continue with two complexes closing recently below 6%.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.