Occupancy Rate Improves Two Percentage Points

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.