It's a great time to be a multifamily landlord in Columbia, South Carolina. In a fourth-quarter report from Colliers, net absorption hit 511 units, up from the 295 recorded in the previous three months. That would put demand at a three-year high.
This is "due in large part to in-migration as a net 28 residents move into the metropolitan area each day," Colliers explained.
"Workforce housing continues to be the primary driver as the market absorbs residents priced out of Charleston, Charlotte and major metros. The region’s accelerating growth rate, roughly 30% faster than the U.S. average, is likely to support several new downtown planned upscale projects barring tariff-related impacts on construction pricing and overall economic uncertainty."
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There were other categories that saw improvements as well. Average asking rents hit $1,304, up from $1,296 in the previous three months and a $34 increase from the same period a year ago. The 2.7 percent annual rent growth kept pace with inflation, according to Colliers. The most expensive rents are in Downtown Columbia, where the ask is $1,603 on average. The cheapest are in Kershaw County, where prices average just $902.
While occupancy was up by 40 basis points from the third quarter to 90.60 percent, the category contracted by one percent compared with the end of 2023. Kershaw County held the highest occupancy rates (96.50 percent), with the Hopkins submarket at the lowest (85.80 percent).
Meanwhile, Colliers admitted that sales volume slowed down in what it called a "challenging investment environment." Some recent major acquisitions involved 276-unit 501 Pelham Dr. going for $33.8 million, and 220-unit 4501 Bentley Dr. transacting for $22.9 million.
Along with economic trends, another thing to look out for in Columbia's multifamily space is supply growth. Construction ticked up slightly in the fourth quarter by 19 units from the previous three months to reach 1,579. During the first three quarters of 2025, five developments are scheduled to hit the market including 288-unit Landings at Hard Scrabble during the first half.
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