Real Data: Occupancy Improves for Greenville!
OCCUPANCY IMPROVES FOR GREENVILLE APARTMENTS
The occupancy rate for the Greenville-Spartanburg area improved from 92.6% over the past six months. Demand exceeded supply during this time period. The Greenville-Northeast submarket is the only one to add new units over the past six months with the completion of two communities. All submarkets have units currently under-construction except the Greenville-Northeast. The current average monthly rent is $991.
Demand is expected to outpace new supply over the next year. This will allow occupancies to rise slightly as new units are absorbed. Rental rates are expected to increase by 2.5% to 3.5% over the next twelve months.
Real Data is the region's premier multi-family real estate research firm. Since our inception in 1992, our dedication has been to provide the most comprehensive and accurate market data to commercial and multi-family real estate professionals. Real Data is one of the few publishers of apartment statistics that base data on 100% market survey data rather than sample data.
If you would like more information about this report or other services provided by Real Data, please call Andrea Pevey at (704) 369-2345, extension 102.