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Austin, TX
Miami and Austin have received much of the recent attention surrounding population growth but it is actually Charleston, South Carolina that takes the prize for fastest growing apartment market of 2020. Developers delivered 3600 units in 2020 representing a 6.6% growth rate, the highest among U.S. cities with at least 50,000 units. While a quickly-growing workforce - thanks to local employers such as Volvo, Mercedes-Benz, DHL, and Walmart - have attracted developers to the market, Charleston's vacancy rate stands at about 30% despite another 3,800 units currently under construction. Downtown Charleston rents are also commanding an $800 premium over the metro-wide average. Yikes! For those concerned that Denver is over-doing it, just remember that everything is relative. Table & data cred: Costar Group.
Miami and Austin have received much of the recent attention surrounding population growth but it is actually Charleston, South Carolina that takes the prize for fastest growing apartment market of 2020. Developers delivered 3600 units in 2020 representing a 6.6% growth rate, the highest among U.S. cities with at least 50,000 units. While a quickly-growing workforce - thanks to local employers such as Volvo, Mercedes-Benz, DHL, and Walmart - have attracted developers to the market, Charleston's vacancy rate stands at about 30% despite another 3,800 units currently under construction. Downtown Charleston rents are also commanding an $800 premium over the metro-wide average. Yikes! For those concerned that Denver is over-doing it, just remember that everything is relative. Table & data cred: Costar Group.
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