Supply outpaced demand in the Columbia area over the past six months. The occupancy rate was affected by this and is now 91.1%. There are currently six communities under-construction in the overall market. These communities are located in the Central, Northeast and West submarkets. Rental rates increased by 3.2% over the past twelve months bringing the average monthly rent to $1,077.
Over the next year, new supply will decrease to meet demand. Therefore, occupancies are forecasted to remain level over the next year. Rental rates will increase by 2.5% to 3.0% 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.