Supply Exceeds Demand for Greenville Apartments - Real Data
For Immediate Release
December 10, 2019
SUPPLY EXCEEDS DEMAND FOR GREENVILLE APARTMENTS
Demand for Greenville area apartments weakened over the past six months. This allowed the occupancy rate to fall to 93.2%. All submarkets currently have units under-construction. The majority of construction is located in the Greenville-East and Greenville-South submarkets. Rental rates increased by 2.6% over the past twelve months. The current average monthly rent is $1,033.
New supply is expected to outpace demand over the next twelve months. This will cause the vacancy rate to rise and rental rates to steady.
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.
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