November vacancies are up from 9.3% in May and 8.1% the previousNovember, according to the latest findings in theGreenville-Spartanburg Apartment Report. Vacancy rates had beengradually declining in recent years, but starting in November 2000,vacancies have increased sharply.
Michelle Westbrook, a multi-family analyst for Carolinas RealData, says in the report the lower rates are related to increasedsupply of apartments.
"The annual absorption for this past year, 78 units, is wellbelow the 614 units that were absorbed in 2000," Westbrook says."The low demand combined with the 340 new apartment units that wereadded to the market in the past year has caused the vacancy rate toincrease."
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