Commercial Real Estate Research & Forecast Report
Q3 2023 Greenville-Spartanburg Multifamily
Large amounts of deliveries in the second and third quarters decreased occupancy to 88.92% and 88.82%, respectively. Absorption has been stable and positive for the last three quarters but has not kept up with these large deliveries and the average monthly rent per unit has flattened.
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- Absorption and construction pipeline remained healthy
- Occupancy rates and average monthly rental rates decreased with the delivery of 985 units
The multifamily construction pipeline in Greenville-Spartanburg decreased from the second quarter. Despite the slight decrease in construction, 1,725 units are expected to deliver by the end of 2023 and the remaining units under construction are expected to deliver consistently through the end of 2024.
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