November vacancies are up from 9.3% in May and 8.1% the previous November, according to the latest findings in the Greenville-Spartanburg Apartment Report. Vacancy rates had been gradually declining in recent years, but starting in November 2000, vacancies have increased sharply.
Michelle Westbrook, a multi-family analyst for Carolinas Real Data, says in the report the lower rates are related to increased supply of apartments.
"The annual absorption for this past year, 78 units, is well below the 614 units that were absorbed in 2000," Westbrook says. "The low demand combined with the 340 new apartment units that were added to the market in the past year has caused the vacancy rate to increase."
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