via:https://www.postandcourier.com/business/charleston-apartment-supply-outpaces-demand-and-rents-are-forecast-to/article_e7e84cbc-2de1-11e8-868c-03fbb9194c82.html

Loads of new apartments are coming online, being built or are in the pipeline for the Charleston region.
But during the past six months, supply outpaced demand and could eventually bring down rental rates, according to Charlotte-based apartment research firm Real Data.
Occupancy in the Charleston area dropped to slightly less than 89 percent, its lowest level since 2010.
Currently, 1,959 units are under construction in the region's central submarket — mainly the peninsula — and 1,795 more are proposed in the same area. Hundreds of others are planned throughout the rest of the tri-county region to keep up with the growing population.
Rental rates climbed 2 percent during the past 12 months to an average of $1,170, but new supply coming to market over the next year will exceed demand, causing vacancies to rise, the firm said.
"During this time, rent growth will slow as communities will likely offer reduced rents in an effort to compete for renters," according to Real Data.


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