Steady — that could be the word to describe Columbia, South Carolina's multifamily sector.
Occupancy was up 10 basis points year-over-year and 20 basis points month-over-month, reaching 90.60 percent in the first quarter, a market report from Colliers finds. Kershaw County posted the strongest rate, at 96.50 percent, followed by Fairfield County and Outlying Lexington County, which both averaged 95.80 percent.
Average monthly asking rents in the market averaged $1,309, up $22 from the previous 12 months.
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While demand cooled down, net absorption remained in positive territory with 239 units, down from the 407 posted in the first quarter of 2024.
Still, the demand seems to be strong enough to warrant new product, as construction hit 2,222 units compared with 1,597 in the year prior. That's justified by the 1.29 percent year-over-year population growth, as the construction pipeline has hit a 20-year high, according to Colliers.
"The North Richland County submarket, encompassing some of the state’s fastest-growing areas such as Blythewood and Elgin, is the epicenter of new construction with 1,208 units in progress," the brokerage said.
"A new wave of projects is in planning after a modest slowdown of starts in 2024, boosted by Richland County’s use of infrastructure credit agreements, traditionally an economic development tool."
Meanwhile, Colliers described Columbia’s multifamily sales as "slowing" but with "healthy volume" of $108 million. The top recent sale involved 4821 Smallwood Rd., which traded hands for $46.8 million. That was followed by 350 Powell Rd. and 1805 Devine St., which went for $36.8 million and $27 million, respectively.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
