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.
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