The occupancy rate for the Columbia metropolitan area is 91.8%. New units were added to supply in the Central and West Columbia/Cayce submarkets over the past six months. Five communities are under construction in the overall market. Rental rates increased over the past year bringing the average monthly rent to $1,096.
Future apartment development will be affected by the coronavirus pandemic. The building of apartments, especially luxury apartments, is likely to slow as renters are cautious due to uncertain income levels. The slowing development pipeline will allow vacancies to steady as existing units are absorbed. Rental rates are expected to grow at a slower pace as the economy recovers from the pandemic.