Demand for Columbia area apartments was strong with over 1,000 units absorbed. The occupancy rate improved two percentage points due to the high demand. There are currently five communities under-construction in the Columbia area. Proposed communities are located within the Central and Lexington submarkets. Rental rates increased by 2.7% over the past twelve months. The current average monthly rent is $1,076.
Demand is forecasted to exceed new supply going into 2020. As a result, occupancies are likely to improve as supply is absorbed. Rental rates are expected to increase by 2.5% to 3.0% over the next year.