Colliers Greenville-Spartanburg Multifamily Report: New deliveries boost rents as region grows rapidly
March 31, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 Greenville-Spartanburg Multifamily
Market Highlights
The Greenville-Spartanburg market saw a slowdown in absorption and a slight decline in occupancy as 1,310 new units delivered late in the year. This includes 672 in the Greer submarket, where explosive job growth driven by manufacturing and a redeveloping downtown continue to attract new residents. The region’s population continues to grow at over 30,000 new residents per year, an increase driven by migration from outside the market.
Click here to read the full report.
- A steady flow of construction will keep the market balanced for the next several quarters
- Rent growth remains steady but moderate as single-family housing dominates the market
- A population boom continues to bolster multifamily demand as the market adds over 30,000 residents per year
Summary
With nearly 20,000 new units delivered in the past five years, apartment growth has slightly exceeded the Upstate market’s steady-state demand of 15% of total households, a positive indicator for absorption as the construction pipeline tapers through 2025. Asking rents grew to $1,333 per unit behind the recent wave of new construction and larger overall apartment sizes in suburban developments.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 26 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
