By WARREN L. WISE - POST & COURIER
wwise@postandcourier.com
23 new apartment projects on the rise in Charleston area
Developers continue to flock to the booming Charleston market to build new rental housing as 23 new communities are under construction, according to a new report.
The number of proposed units increased over the past six months through September to 6,030, with most of them in Mount Pleasant and Charleston's upper peninsula, Charlotte-based apartment service Real Data reported.
Several others are under construction across the region in almost every suburb.
Demand still remains strong as apartment occupancy jumped nearly 2 percent in the region to 91.2 percent over the past six months through September.
About 1,250 units were added to the supply during the same time frame. Rents also increased over the past 12 months to an average of $1,276 per month, up from $1,242 one year ago in September. Charleston's average rental rate is the highest in South Carolina and higher than Charlotte.
Going into 2020, new supply is projected to exceed demand, and rental rates are expected to hold steady over the next year as communities vie for renters.
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