Commercial Real Estate Research & Forecast Report
Q1 2023 Columbia Multifamily
Rental rates continued to grow as absorption and total occupancy rose and deliveries slowed. Despite the lack of deliveries, Columbia’s multifamily market remained healthy with an occupancy rate of 90.9% and a quarter-over-quarter increase of $13 in rental rates.
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- Absorption and total occupancy improved for the first time since Q2 2021
- Monthly asking rental rates increased to $1,195 per unit as absorption increased with no deliveries
There were 105 units absorbed during the first quarter of 2023 mostly in the Lake Murray and North Richland County submarkets. Positive absorption is expected for the next several quarters to accommodate strong demand generated by the construction of the Scout Motors manufacturing facility in Blythewood.
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