Despite a nationwide slowdown, investor interest in the Charleston market remains robust. As of Q2 2023, an impressive 7,331 housing units are under construction, with around 4,159 units slated for completion in the next four quarters. The substantial influx of new construction, most of which is expected to be absorbed by mid-2024, poses little concern. The new inventory will be strategically spread across various submarkets, with Downtown/Mount Pleasant/Islands, Summerville/Northwest Charleston, and North Charleston/Goose Creek leading, contributing 1,244, 1,240, and 1,052 units, respectively. Overall, the occupancy rate in Charleston is anticipated to remain stable, although some softening in rent growth may occur. Charleston’s positive economic outlook signals continued resilience and potential for growth, painting an encouraging picture for the future.
Sources: RealPage; BLS; MSCI; Charleston Business Journal; Charleston Regional Development Alliance.