Is there relief in sight for Charleston’s multifamily occupiers?

graph of multifamily rent rate growth year-over-year in the Charleston market from Q2 2014 to Q4 2023
  • For the first time since the third quarter of 2020, Charleston’s multifamily rent growth has slowed to 1.5% year over year (YoY). Rent growth is expected to further decelerate to 0.6% (YoY) in the first quarter of 2024. 
  • Multifamily rates have significantly slowed since the 13.9% YoY growth observed during the historical highs of 2021. Why is apartment rent growth finally subsiding in the market? It may be the result of occupancy rates declining to 90.3% at the end of 2023.

March 14, 2024

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