Charlotte
02
September
Apartment
Index
Charlotte Apartment
Submarket
Index
Carolinas Real Data
Table of Contents
Economic Summary............................................................. 3
Market Statistics
Overall ............................................................................ 4
Communities in Lease-Up............................................... 6
Communities 1-5 Years in Age ....................................... 7
Communities 6-15 Years in Age ..................................... 8
Communities 15+ Years in Age ...................................... 9
Methodology
Information contained in this report is obtained from reliable sources,
but Carolinas Real Data makes no guarantee of accuracy or completeness. The communities surveyed for this report contain at least 50
conventional units. Public and Section 8 housing is excluded. Readers
should understand that the data contained within this report may have
changed since the survey date of August 15, 2002.
Absorption - The net change in occupied units within comparable
communities within a specific time frame.
Development...................................................................... 10
Averages - All averages are weighted based on the number of units.
Charlotte Submarket Comparison ...................................... 12
Construction Status: Completions are any units completed since the
previous survey period; Starts are any units that have begun construction since the previous survey period; Proposed are any units that
have reached an advanced stage of the planning process. UnderConst. are any communities that have begun construction, but not
completed any units yet; Additions Under-Construction are communities with some units completed and additional units underconstruction.
Submarket Profiles
Charlotte-Mecklenburg ................................................. 14
Downtown ............................................................... 15
East
East-1.................................................................. 16
East-2.................................................................. 17
East-3.................................................................. 18
North........................................................................ 19
Northeast
Northeast-1 ......................................................... 20
Northeast-2 ......................................................... 21
Northeast-3 ......................................................... 22
Northwest ................................................................ 23
Southeast
Southeast-1 ......................................................... 24
Southeast-2 ......................................................... 25
Southeast-3 ......................................................... 26
Southwest
Southwest-1 ........................................................ 27
Southwest-2 ........................................................ 28
Surrounding County Comparison....................................... 29
Cabarrus County ........................................................... 31
Gaston County .............................................................. 32
Iredell County ............................................................... 33
Union County ............................................................... 34
York County ................................................................. 35
Carolinas
Lease Rate - Quoted lease rate excluding any additional concessions or
specials.
Metropolitan Statistical Area (MSA) - A geographical region defined
by the US Census Bureau. The MSA in this report refers to Mecklenburg County.
Rent/CPI Index - The percentage change in rent above the inflation rate
as measured by the Consumer Price Index.
Rent Increase (pre-existing Inventory) - Net change in quoted rents of
pre-existing communities. New units completed since the previous
survey period are not included in this calculation although new units
are included in all other rent calculations.
Square Footages - Heated square footage; if there are varying sq.ft. for
similar units, then an average may be used.
Type: Conventional communities are all those that are not subsidized,
tax-credit or student oriented. Subsidized units are not included in
this report; Tax-Credit communities are those developed through the
state’s ‘tax-credit’ program’; Student-Oriented communities are
those catering to the student housing market and rent by the bedroom
versus the entire unit.
Vacancy - calculated on units that are physically unoccupied.
Real Data
407 East Blvd., Suite 100
Charlotte, NC 28203
(704)369-2345 (704)369-2160 fax
www.Aptindex.com
Carolinas Real Data is a full service commercial real estate
market research firm. Carolinas Real Data publishes market reports for cities in the Southeast.
© Sept-02 Real Data
www.aptindex.com
2
MarketSubmarket
Overview
Carolinas Real Data
Employment Distribution
Economic Overview
Fed. Civil/Mil. Govt.
1%
Charlotte’s economy has been steadily healing from the impact
of the national recession that hit last year. Employment growth
has been stagnant for the first half of 2002, however, many new
job announcements have been made over the past several months
which should result in employment growth over the coming
months. Charlotte’s unemployment currently stands at 6.5%, up
from 4.7% reported in August 2001.
State/Local Govt.
Farm
9%
1%
Services
27%
Manufacturing
15%
Trans/Utilities
6%
FIRE
10%
Wholesale Trade
7%
Retail Trade
16%
Employment / Economic Announcements
Employment
Employed
Unemployment Rate
Employment (Mecklenburg County)
368,000
8.0%
7.0%
366,000
6.0%
364,000
362,000
5.0%
360,000
4.0%
358,000
3.0%
356,000
2.0%
354,000
1.0%
352,000
350,000
Unemployment Rate (Mecklenburg County)
9.0%
372,000
370,000
•
Johnson & Wales University, planning a new campus in
downtown Charlotte, will open in Fall 2004 and employ a
staff of 250 by 2007.
•
PCI Wedeco, a Germany-based industrial technology producer, has begun moving its U.S. headquarters and manufacturing operations to Charlotte, bringing 200 jobs.
•
Time Warner Cable plans to consolidate several nationwide
operations in a development in Charlotte which will employ
as many as 740 people, about half of them new to Charlotte.
•
Charlotte-based pharmaceutical consulting firm The Lash
Group, plans to add 100 employees over the 18 months.
•
Rooms to Go furniture distribution/outlet center will employ
150 at its recently completed facility in Charlotte.
•
Tyco Electronics in Rock Hill recently re-hired nearly 100
workers laid off six months ago.
•
Scandura Inc., an industrial fabric maker is phasing out 130
jobs from its Charlotte plant.
•
Bank of America Corp. plans to lay off 70 call-center workings in Charlotte.
•
Consolidated Freightways, a trucking company, will be filing for Chapter 11 bankruptcy and cutting 400 jobs in Charlotte.
0.0%
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
Rent/CPI Index
Index of Rent Growth above Consumer Price Index - Indexed
to 100 In August 1997
Construction
7%
108.0
107.5
107.0
106.5
106.0
105.5
105.0
104.5
104.0
103.5
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
C harlotte (M ecklenburg C ounty) Em ploym ent Sum m ary
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
370,150
367,090
361,790
358,090
357,858
10,140
-3,060
-5,300
-3,700
-232
G row th R ate
2.8%
-0.8%
-1.4%
-1.0%
-0.1%
U nem ploym ent R ate
2.7%
3.2%
4.7%
5.6%
6.5%
E m ployed
E m ploym ent C hange
© Sept-02 Real Data
www.aptindex.com
3
Market
Submarket
Index
Carolinas Real Data
Overall Market Summary
# Units
# Vacant
Vacancy %
Average SF
Average Rent
Aug. '01
Feb. '02
Aug. '02
82,832
8,103
85,517
11,061
86,205
9,612
9.8%
12.9%
11.2%
923
927
923
$713
$712
$708
$0.787
$0.782
$0.781
Absorption
1,812
-492
3,069
# Under-Const.
4,672
3,754
2,854
# Proposed
4,922
5,636
4,965
Starts
1,418
1,690
649
Average Rent/SF
Completions
3,057
2,607
1,683
Rent Change*
-$7.08
$3.03
$0.48
*(Based on pre-existing inventory only)
Charlotte Apartment Indicators
In the previous
year
Forecast for the
next year
Employment Growth
o
r
Occupancy Rate
o
pq
Rent Change*
pq
pq
Net Absorption
pq
pq
Units Completed
o
o
Concessions
r
pq
Charlotte Market Summary
The vacancy rate in the Charlotte Apartment market has fallen
over the past six months. The current vacancy rate stands at
11.2%, down from 12.9% reported six months ago, which was
a record high for the market. There were 3,069 units absorbed over the past six months, while 1,519 units were
completed. Because the number of units completed was less
than half of the number of units absorbed, the vacancy rate
decreased.
The average quoted rental rate is $708. One Bedroom rents
average $625 per month. Two bedrooms rents are $730 and
three bedroom rents are $894. Pre-existing inventory rents
increased by only $0.48 in the last six months, in addition,
significant concessions, including up to 2 months free rent,
remain common. As of August, 63% of communities were
offering some sort of rental concessions, up 11% from this
time last year.
Development activity, although still high, has been reduced
somewhat in the last year. Units under construction are less
that what they were six months ago and one year ago.
Based on the number of units currently under construction
and estimated future absorption numbers, the vacancy rate in
the Charlotte market is likely to remain in the 9-11% range in
the coming year.
Note: The overall statistics reflect totals for Mecklenburg, Cabarrus, Gaston, Union and York Counties. Previous publication totals
were for Mecklenburg County only. All historical statistics within
this report reflect the totals for all the counties combined.
O v e r a ll H is t o r ic a l S u m m a r y
T o ta l U n its
Vacant
U n its
Vacancy
R a te
A v e ra g e
S q . F t.
A v e ra g e
R e n t/M o .
Av e ra g e
R e n t/S F
R ent
Change
U n its
A b s o rb e d
U n its U /C
U n its
S ta r te d
U n its
C o m p le te d
N o v . '9 2
4 7 ,1 1 1
3 ,3 4 7
7 .1 %
882
$465
$ 0 .5 2 7
N /A
1 ,6 0 4
N /A
N /A
N /A
M a y '9 3
4 6 ,6 5 7
2 ,8 4 6
6 .1 %
881
$473
$ 0 .5 3 7
N /A
510
N /A
N /A
N /A
N o v . '9 3
4 7 ,3 2 2
2 ,3 4 3
5 .0 %
882
$484
$ 0 .5 4 9
N /A
587
N /A
N /A
N /A
A p r il '9 4
4 7 ,3 0 1
1 ,9 8 2
4 .2 %
881
$493
$ 0 .5 6 0
N /A
354
N /A
N /A
N /A
A u g . '9 4
5 2 ,9 0 3
1 ,5 6 0
2 .9 %
883
$505
$ 0 .5 7 2
N /A
952
N /A
N /A
N /A
F e b . '9 5
5 4 ,1 4 1
2 ,1 3 8
3 .9 %
883
$525
$ 0 .5 9 4
N /A
17
N /A
N /A
N /A
A u g . '9 5
5 5 ,0 2 5
1 ,6 6 9
3 .0 %
886
$547
$ 0 .6 1 7
N /A
1 ,1 9 6
N /A
N /A
N /A
F e b . '9 6
5 5 ,5 4 6
2 ,9 8 8
5 .4 %
891
$570
$ 0 .6 4 0
N /A
336
N /A
N /A
N /A
A u g . '9 6
6 0 ,4 2 8
2 ,4 0 2
4 .0 %
890
$587
$ 0 .6 6 0
N /A
2 ,9 1 1
4 ,0 7 1
N /A
N /A
F e b . '9 7
6 2 ,9 3 3
4 ,0 1 8
6 .4 %
896
$600
$ 0 .6 6 9
N /A
577
4 ,9 5 3
N /A
N /A
A u g . '9 7
6 5 ,7 7 2
3 ,4 6 2
5 .3 %
900
$616
$ 0 .6 8 5
N /A
3 ,2 3 6
3 ,9 8 6
N /A
2 ,2 4 0
F e b . '9 8
6 7 ,1 7 2
4 ,7 5 4
7 .1 %
909
$632
$ 0 .6 9 5
N /A
1 ,3 1 5
3 ,4 8 6
1 ,1 2 0
1 ,8 8 2
A u g . '9 8
6 9 ,9 2 9
3 ,8 4 5
5 .5 %
909
$646
$ 0 .7 1 0
N /A
2 ,8 2 1
3 ,9 1 3
2 ,2 7 1
1 ,5 5 1
F e b . '9 9
7 1 ,2 7 8
4 ,2 6 4
6 .0 %
910
$654
$ 0 .7 1 8
N /A
1 ,2 3 6
5 ,0 1 3
2 ,4 5 6
1 ,6 2 3
A u g . '9 9
7 5 ,6 1 5
4 ,5 9 4
6 .1 %
912
$670
$ 0 .7 3 4
N /A
2 ,0 7 8
5 ,5 7 7
3 ,0 3 9
2 ,4 3 3
F e b . '0 0
7 7 ,4 0 2
6 ,0 4 6
7 .8 %
915
$676
$ 0 .7 3 9
$ 3 .2 2
623
6 ,8 5 0
3 ,5 4 6
2 ,1 1 9
A u g . '0 0
7 8 ,6 5 2
5 ,2 2 3
6 .6 %
914
$690
$ 0 .7 5 5
$ 5 .9 9
2 ,8 1 1
7 ,7 3 8
3 ,3 1 2
2 ,4 8 6
F e b . '0 1
8 2 ,1 9 9
7 ,2 1 8
8 .8 %
918
$700
$ 0 .7 6 3
$ 3 .6 4
1 ,1 0 9
6 ,5 0 2
2 ,1 8 8
3 ,3 8 7
A u g . '0 1
8 2 ,8 3 2
8 ,1 0 3
9 .8 %
923
$713
$ 0 .7 7 2
-$ 7 .0 8
1 ,8 1 2
4 ,6 7 2
1 ,4 1 8
3 ,0 5 7
F e b . '0 2
8 5 ,5 1 7
1 1 ,0 6 1
1 2 .9 %
927
$712
$ 0 .7 6 8
$ 3 .0 3
-4 9 2
3 ,7 5 4
1 ,6 9 0
2 ,6 0 7
A u g . '0 2
8 6 ,2 0 5
9 ,6 1 2
1 1 .2 %
923
$708
$ 0 .7 6 7
$ 0 .4 8
3 ,0 6 9
2 ,8 5 4
649
1 ,6 8 3
© Sept-02 Real Data
www.aptindex.com
4
Market
Submarket
Index
Carolinas Real Data
Overall Historical Vacancy Trends
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
One Bedroom
Two Bedroom
6.7%
6.5%
8.7%
8.6%
9.6%
9.7%
12.9%
12.6%
11.1%
10.9%
Three Bedroom
7.4%
9.7%
10.8%
14.5%
12.7%
6.6%
8.8%
9.8%
12.9%
11.2%
14.0%
12.0%
10.0%
Vacancy Rate
Totals
Overall Vacancy Rate
8.0%
6.0%
4.0%
2.0%
0.0%
Aug. '00
Feb. '01
Overall Historical Rent Trends
Feb. '02
Aug. '02
One Bedroom
Two Bedroom
$611
$713
$623
$722
$632
$735
$629
$735
$625
$730
Three Bedroom
$859
$865
$886
$889
$894
$690
$700
$713
$712
$708
$3.64
-$7.08
$3.03
$0.48
$725
$10.00
Monthly Rent
Rent Change*
$720
$8.00
$715
$6.00
$710
$4.00
$705
$2.00
$700
$0.00
$695
-$2.00
$690
-$4.00
$685
-$6.00
$680
-$8.00
$675
-$10.00
Aug. '00
Overall Supply / Demand Trends
Aug. '01
Feb. '02
Aug. '02
Absorption
Completions
2,811
2,486
1,109
3,387
1,812
3,057
-492
2,607
3,069
1,683
Differential
325
-2,278
-1,245
-3,099
1,386
2,188
1,418
1,690
649
Net Units Absorbed & Completed
Feb. '01
3,312
Aug. '01
Feb. '02
Aug. '02
Overall Absorption vs. Completions
Aug. '00
Starts
Feb. '01
3,500
19%
3,000
17%
2,500
15%
Absorption
Completions
Vacancy Rate
2,000
13%
1,500
11%
1,000
9%
500
7%
0
5%
-500
Vacancy Rate
$5.99
Aug. '02
Rent Change*
Aug. '01
Average Quoted Monthly Rent
Feb. '01
Rent Change*
Feb. '02
Overall - Rental Rates
Aug. '00
Totals
Aug. '01
3%
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
Overall Apartment Starts
3,500
3,000
Units Started
2,500
2,000
1,500
1,000
500
0
Aug. '00
© Sept-02 Real Data
www.aptindex.com
Feb. '01
Aug. '01
Feb. '02
Aug. '02
5
Lease-Up
Submarket
Index
Carolinas Real Data
Communities in Lease Up
In Lease Up
Overall Mkt.
% of Mkt.
5,928
1,475
86,205
9,612
6.9%
15.3%
Vacancy %
24.9%
11.2%
Average SF
1,021
923
110.6%
Average Rent
$836
$708
118.1%
30.0%
$0.819
$0.781
104.9%
Absorption
1,679
3,069
54.7%
# Under-Const.
2,854
2,854
100.0%
# Proposed
4,965
4,965
100.0%
649
649
100.0%
Completions
1,683
1,683
100.0%
Rent Change*
$7.08
$0.48
1481.1%
Starts
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Aug. '00
*(Based on pre-existing inventory only)
Feb. '01
Lease-up communities include those communities that
have had new units completed over the last year. These
communities typically have significantly higher vacancy
rates as they have only recently begun leasing their units.
They also usually account for a large portion of the
overall absorption.
•
Aug '02
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
One Bedroom
Two Bedroom
24.3%
22.2%
34.4%
35.2%
22.9%
27.2%
22.5%
26.5%
25.0%
24.4%
Three Bedroom
20.8%
35.4%
21.8%
25.8%
25.8%
23.0%
34.8%
24.7%
24.8%
24.9%
Totals
Communities in Lease Up - Rental Rates
$910
$20.00
M onthly Rent
Rent Change*
There are currently 5,928 units in lease-up in the
Charlotte market, representing nearly 7% of the overall market.
The vacancy rate has remained in the 24% range over
the past two years.
Average Quoted Monthly Rent
$900
•
Feb '02
Communities in Lease Up Vacancy Trends
Communities in Lease-Up Summary
•
Aug '01
There were 1,679 units absorbed in lease-up communities in the six months between February and August.
$18.00
$890
$16.00
$880
$14.00
$870
$12.00
$860
$10.00
$850
$8.00
$840
$6.00
$830
$4.00
$820
$2.00
$810
Rent Change*
Average Rent/SF
35.0%
Vacancy Rate
# Units
# Vacant
Communities in Lease Up - Vacancy Rate
$0.00
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
Com m unities in Lease Up Rent Trends
The average rent for one bedroom units in lease-up is
$748, for two bedroom units the average rent is $859,
while the average rent for three bedroom units is
$989. The higher rental rates in previous periods was
the result of a number of high-end communities coming on-line in 2000 and 2001.
Communities in Lease Up Supply / Demand Trends
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
Absorption
Completions
N/A
2,486
N/A
3,387
N/A
3,057
N/A
2,607
1,679
1,683
Differential
N/A
N/A
N/A
N/A
-4
One Bedroom
Two Bedroom
Three Bedroom
Totals
Rent Change*
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
$803
$953
$775
$921
$758
$908
$750
$896
$748
$859
$1,162
$1,078
$1,087
$1,084
$989
$907
$869
$860
$856
$836
N/A
N/A
N/A
N/A
$7.08
C om m unities in Lease U p - Absorption vs. C om pletions
3,500
75%
Abso rption
C om pletions
V a cancy R ate
3,250
3,000
2,750
3,312
© Sept-02 Real Data
2,188
1,418
www.aptindex.com
1,690
649
65%
60%
2,500
55%
2,250
50%
2,000
45%
1,750
40%
1,500
35%
1,250
30%
1,000
25%
750
20%
500
15%
250
10%
0
Starts
70%
Vacancy Rate
•
The average rent for units currently in lease-up stands
at $836, with pre-existing inventory rents increasing
$7.08 since February.
Net Units Absorbed & Completed
•
5%
-250
0%
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
6
1 to 5 Years
Submarket
Index
Carolinas Real Data
Communities 1-5 Years in Age
1-5 Years in Age
Overall Mkt.
% of Mkt.
19,862
1,808
86,205
9,612
23.0%
18.8%
Vacancy %
9.1%
11.2%
Average SF
980
923
Average Rent
Average Rent/SF
10.0%
106.1%
$822
$708
116.1%
$0.839
$0.781
107.5%
Absorption
1,066
3,069
34.7%
# Under-Const.
0
2,854
0.0%
# Proposed
0
4,965
0.0%
Starts
0
649
0.0%
Completions
0
1,683
0.0%
$2.73
$0.48
571.1%
Rent Change*
12.0%
8.0%
Vacancy Rate
# Units
# Vacant
Com munities 1-5 Years in Age - Vacancy Rate
6.0%
4.0%
2.0%
0.0%
Aug. '00
*(Based on pre-existing inventory only)
Feb. '01
Aug '01
Feb '02
Aug '02
Communities 1-5 Years in Age Vacancy Trends
Communities 1-5 Years in Age Summary
Communities that are one to five years in age tend to
command higher rental rates as compared to the overall
market. These newer communities often have more
amenities than some of the older communities.
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
One Bedroom
Two Bedroom
4.7%
7.0%
7.6%
8.6%
8.1%
7.5%
10.1%
10.6%
9.0%
8.8%
Three Bedroom
7.3%
10.6%
10.9%
13.3%
10.5%
6.1%
8.4%
8.2%
10.7%
9.1%
Totals
Communities 1-5 Years in Age - Rental Rates
•
The vacancy rate has decreased over the past six
months to 9.1% as of August.
There were 1,066 units absorbed in the six months
between February and August.
$850
$10.00
Monthly Rent
Rent Change*
$845
$9.00
$840
$8.00
$835
$7.00
$830
$6.00
$825
$5.00
$820
$4.00
$815
$3.00
$810
$2.00
$805
$1.00
$800
•
•
Communities one to five years in age are commanding an average rent of $822 per month, an $85 per
month premium over communities 6-15 years in age
and a $114 premium above the overall market.
Pre-existing inventory rents increased $2.73 since
February.
$0.00
Aug. '00
One Bedroom
Two Bedroom
Three Bedroom
Totals
Absorption
Aug '02
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
$711
$858
$725
$870
$726
$873
$723
$874
$716
$839
$1,062
$1,077
$1,088
$1,080
$1,050
$823
$836
$839
$837
$822
N/A
N/A
N/A
N/A
$2.73
1,100
1,000
900
800
700
600
500
400
300
200
100
Feb. '01
Aug '01
Feb '02
Aug '02
0
N/A
N/A
N/A
N/A
1,066
-100
www.aptindex.com
Feb '02
1,200
Aug. '00
© Sept-02 Real Data
Aug '01
C o m m u nities 1-5 Y ears in Ag e - Ab so rp tio n
Net Units Absorbed & Completed
Communities 1-5 Years in Age Supply / Demand Trends
Feb. '01
Communities 1-5 Years in Age Rent Trends
Rent Change*
Note: Statistical numbers prior to August 2002 are based on
previous age breakdowns, which included all communities built
between 1990-1999. Whereas, the August 2002 statistics represent communities built between 1996-2000. The historical numbers represented should not be used for a direct comparison but
only as a general reference.
Rent Change*
•
Currently there are 19,862 apartment units that are
one to five years in age. Adding the 5,928 units in
lease-up, brings the total to 25,790 units, or 30% of
the market, which are less than six years old.
Average Quoted Monthly Rent
•
Aug . '00
7
6 to 15 Years
Submarket
Index
Carolinas Real Data
Communities 6-15 Years in Age
6-15 Years in Age
Overall Mkt.
% of Mkt.
20,039
1,850
86,205
9,612
23.2%
19.2%
Vacancy %
9.2%
11.2%
Average SF
923
923
Average Rent/SF
Absorption
10.0%
100.0%
$737
$708
104.1%
$0.798
$0.781
102.2%
175
3,069
5.7%
# Under-Const.
0
2,854
0.0%
# Proposed
0
4,965
0.0%
Starts
0
649
0.0%
Completions
0
1,683
0.0%
$0.76
$0.48
159.0%
Rent Change*
8.0%
6.0%
4.0%
2.0%
0.0%
Aug. '00
*(Based on pre-existing inventory only)
Feb. '01
Aug '01
Feb '02
Aug '02
Communities 6-15 Years in Age Vacancy Trends
Communities 6-15 Years in Age Summary
Communities in Charlotte that are 6 to 15 years in age
include 20,039 units. Although by no means out-dated,
these communities tend to attract residents who are more
price sensitive, but still want a relatively modern community with many of today’s standard amenities.
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
One Bedroom
Two Bedroom
6.3%
5.8%
6.2%
7.4%
7.7%
8.7%
10.4%
9.8%
8.6%
9.4%
Three Bedroom
7.5%
10.4%
8.4%
11.6%
10.6%
6.2%
7.0%
8.2%
10.2%
9.2%
Totals
Communities 6-15 Years in Age - Rental Rates
$750
•
•
•
The vacancy rate has dropped over the past six
months to 9.2% as of August.
There were 175 units absorbed in the six months
between February and August.
The average rent for units 6 to 15 years in age stands
at $737. These communities are priced at an $85 per
month discount to communities 1-5 years in age.
However, compared to communities that are more
than 15 years in age, these apartments rent at a $118
premium.
Pre-existing inventory rents increased only $0.76
since February.
$745
Average Quoted Monthly Rent
•
$10.00
Monthly Rent
Rent Change*
$8.00
$735
$7.00
$730
$6.00
$725
$5.00
$720
$4.00
$715
$3.00
$710
$2.00
$705
$1.00
$700
$0.00
Aug. '00
One Bedroom
Two Bedroom
Three Bedroom
Rent Change*
Absorption
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
N/A
N/A
N/A
N/A
175
© Sept-02 Real Data
www.aptindex.com
Aug '01
Feb '02
Aug '02
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
$629
$757
$630
$759
$632
$761
$624
$757
$655
$769
$902
$904
$898
$892
$901
$706
$708
$710
$704
$737
N/A
N/A
N/A
N/A
$0.76
C o m m unities 6-15 Y ears in Age - Absorption
300
250
Net Units Absorbed & Completed
Communities 6-15 Years in Age Supply / Demand Trends
Feb. '01
Communities 6-15 Years in Age Rent Trends
Totals
Note: Statistical numbers prior to August 2002 are based on
previous age breakdowns, which included all communities built
between 1980-1989. Whereas, the August 2002 statistics represent communities built between 1986-1996. The historical numbers represented should not be used for a direct comparison but
only as a general reference.
$9.00
$740
Rent Change*
Average Rent
12.0%
Vacancy Rate
# Units
# Vacant
Comm unities 6-15 Years in Age - Vacancy Rate
200
150
100
50
0
Au g. '00
-50
-100
8
15+ Years
Submarket
Index
Carolinas Real Data
Communities 15+ Years in Age
15+ Years in Age
Overall Mkt.
% of Mkt.
# Units
# Vacant
40,376
4,479
86,205
9,612
46.8%
46.6%
Vacancy %
11.1%
11.2%
Average SF
881
923
Absorption
10.0%
95.4%
$619
$708
87.4%
$0.703
$0.781
90.0%
139
3,069
4.5%
# Under-Const.
0
2,854
0.0%
# Proposed
0
4,965
0.0%
Starts
0
649
0.0%
Completions
0
1,683
0.0%
-$2.03
$0.48
-424.7%
Rent Change*
8.0%
6.0%
4.0%
2.0%
0.0%
Aug. '00
*(Based on pre-existing inventory only)
Communities built more than 15 years ago represent the
largest segment of the market with 40,376 units, nearly
half of the overall market.
•
•
Feb. '01
Aug '01
Feb '02
Aug '02
6.4%
5.1%
5.7%
5.2%
7.5%
7.6%
12.5%
11.0%
11.3%
10.7%
Three Bedroom
7.0%
5.8%
10.1%
13.7%
12.5%
5.8%
5.4%
7.8%
11.8%
11.1%
Totals
Communities 15+ Years in Age - Rental Rates
The vacancy rate has remained in the 11% range over
the past six months, up from 7.8% reported one year
ago.
There were 139 apartment units absorbed in the six
months between February and August.
The average rent for units more than 15 years in age
stands at $619 and represents a discount of $118 as
compared to communities 6-15 years in age.
$625
Pre-existing inventory rents for this segment of the
market decreased (-$2.03) since February. This was
the only age segment to see a decline in existing
community rents.
Note: Statistical numbers prior to August 2002 are based on
previous age breakdowns, which included all communities built
prior to 1980. Whereas, the August 2002 statistics represent
communities built prior to 1986. The historical numbers represented should not be used for a direct comparison but only as a
general reference.
Communities 15+ Years in Age Supply / Demand Trends
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
N/A
N/A
N/A
N/A
139
© Sept-02 Real Data
www.aptindex.com
$10.00
Monthly Rent
Rent Change*
$620
$9.00
$615
$8.00
$610
$7.00
$605
$6.00
$600
$5.00
$595
$4.00
$590
$3.00
$585
$2.00
$580
$1.00
$575
The average rent for one bedroom units is $545, for
two bedroom units the average rent is $644, while the
average rent for three bedroom units is $763.
Absorption
Aug '02
Aug. '00
Average Quoted Monthly Rent
•
Feb '02
One Bedroom
Two Bedroom
$0.00
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
Communities 15+ Years in Age Rent Trends
Aug. '00
Feb. '01
Aug '01
Feb '02
Aug '02
One Bedroom
Two Bedroom
$516
$612
$524
$624
$531
$632
$525
$626
$545
$644
Three Bedroom
$765
$775
$786
$781
$763
$598
$609
$617
$611
$619
N/A
N/A
N/A
N/A
-$2.03
Totals
Rent Change*
C o m m u n itie s 1 5+ Y ears in Ag e - Ab so rp tio n
300
250
Net Units Absorbed & Completed
•
Aug '01
Communities 15+ Years in Age Vacancy Trends
Communities 15+ Years Summary
•
Feb. '01
Rent Change*
Average Rent/SF
12.0%
Vacancy Rate
Average Rent
Com m unities 15+ Years in Age - Vacancy Rate
200
150
100
50
0
Aug. '00
-50
-100
9
Development
Submarket
Carolinas Real Data
Apartments Under Construction
Downtown
Southeast-3
Southeast-1
North
Southwest-1
Northeast-2
East-2
Northeast-1
Southwest-2
Southeast-2
Northwest
Northeast-3
East-3
East-1
Gaston
York
Union
Iredell
Cabarrus
Apartments Proposed
Northeast-2
Northwest
Southeast-1
York
Downtown
North
Union
Gaston
Southwest-2
Southeast-3
Northeast-1
Iredell
Southeast-2
East-3
East-1
Southwest-1
East-2
Northeast-3
Cabarrus
1
0
100
200
300
400
500
Units Under Construction
© Sept-02 Real Data
www.aptindex.com
600
700
1
0
200
400
600
800
1,000
1,200
Units Proposed
10
Development
Submarket
Carolinas Real Data
Communities Under Construction
Communities Proposed
There are currently a total of 2,854 units under construction.
Currently there are 4,965 apartment units proposed to be built.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Pappas Properties is nearing completion of 183 at the
Charlotte Cotton Mills, , on North Graham and West
Fifth Streets in the Downtown submarket.
Spectrum Properties has 305 units under construction at
5th & Poplar in the Downtown Submarket.
Bank of America started building 190 units at Sycamore
Green on West Trade Street in the Downtown Submarket.
Talley Properties has 144 units under construction at
Thorngrove on Albemarle Road in East-2.
The final 72 units in the second phase of Crown Ridge are
currently under construction on Regal Estates Ln in East-2.
The final 108 units are under construction at Birkdale
Village, a mixed-use community off Sam Furr Road in
Huntersville, in the North Submarket.
Charter Properties started construction on 185 units at
Davidson Gateway located in the North Submarket.
The final 16 units are under construction at the Village of
Rosedale on Tiffany Rose Place in Northeast-1.
David Drye Company has 108 units under construction at
the Crossroads at Village Park on Hidden Forest Drive in
Northeast-1.
The final 95 units at Highlands at Alexander Point are
currently under construction in Northeast-2 on Highroad
Drive.
The final 174 units under construction at the Village at
Brierfield on Hwy-49, 2 miles east of UNCC in
Northeast-2.
Fairfield Properties has 299 units under construction at
South End Square in Southeast-1 on South Tryon and
Palmer Streets.
Grubb Properties is building 145 units at Sterling Dilworth/Latta Pavilion, a mixed-use site on East Boulevard
in Southeast-1.
The final 165 units are under construction at Promenade
Park on Ballantyne Commons and Providence Roads in
Southeast-3.
Roberts Realty is building 319 units at Ballantyne Place
on the corner of Ballantyne Commons Parkway and Hwy521 in Southeast-3.
Davis Development started construction on 274 units at
Carrington at Tyvola on Beam and Shopton Roads in
Southwest-1.
The final 72 units are under construction at River Crossing on Arrowood Road and South Boulevard in
Southwest-2.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
© Sept-02 Real Data
www.aptindex.com
Paradigm Companies and Cornerstone are planning 380
units at 3rd and Church St. in the Downtown market.
Forest City Land Group is planning 267 units at Summers
Walk in Davidson located in the North submarket.
Winter Properties of Atlanta is planning 100 units at Highland Mill on North Davidson Street and 33rd St. in E-1.
Cornerstone Realty has plans to build an 84-unit second
phase at Timber Crest off Monroe Road in E-3.
There are 268 units proposed at Ratcliffe on West Mallard
Creek Church Road in NE-2.
CB Development is planning to build 405 units, in two
phases, at Abbington Place on Mallard Creek Church
Road south of I-85 in NE-2.
Blue Ridge Management plans 132 units at Pavilion
Crossings II on Salome Church Road in NE-2.
The Drakeford Company is planning 228 units at The
Lexington at Sunset on Sunset Road and I-77 in NE-2.
Penobscot Development is planning 132 units at Tradition at Mallard Creek II on Crescent View Dr. in NE-2.
Crosland has proposed to build 164 units in a second
phase of Arbor Glen on Farmer Street in the Northwest.
Salloum Ventures plans to build 276 units at Fairway at
Pawtucket on Pawtucket Road in the NW submarket.
H.H. Hunt is planning 496 units at Austin Woods on
Reams Road and I-77 in the NW submarket.
Pappas Properties is planning to build 350 units at the site
of the trolley barn on the north side of South Boulevard
between Park Avenue and Bland Street in SE-1.
Grubb Properties is planning to build 174 units at Sterling
Magnolia on Wendwood Drive in SE-1.
Grubb Properties has proposed to build 100 new units at
Park South in SE-2, where four of the existing buildings
will be razed to make way for a mixed use project.
Marsh Associates is planning a 144-unit second phase of
Providence Park on McKee and Providence Rd. in SE-3.
D&M Builders is planning a 192-unit second phase of
Ashford Place off Old Pineville Road in SW-2.
Stonebrier, a 205 unit community is planned at South
New Hope and Titman Rds. in Gaston County
The second phase of Talbert Woods is planned for 100
units in Iredell County.
Stonehaven, a 250 unit community is proposed at Faith
Church Rd. and Hwy. 74 in Union County.
Manchester Village on Dave Lyle Blvd. has plans for a
312 unit community in York County.
The former Rock Hill Cotton Factory in York County is
scheduled to be turned into 80 units.
University Place, a planned 126 unit community will be
located on Stewart Street in York County.
11
Charlotte Submarket Comparison
Submarket
Carolinas Real Data
Charlotte Market Distribution
East-3
11%
East-2
11%
North
4%
Northeast-1
5%
East-1
7%
Downtown
2%
Northeast-2
12%
Southwest-2
3%
Southwest-1
5%
Northeast-3
3%
Northwest
5%
Southeast-3
21%
C h a rlo tte S u b m a rk e t C o m p a ris o n
T o ta l U n its
Vacant
U n its
Vacancy
R a te
A v e ra g e S q .
F t.
Av erag e
Rent
D o w n to w n
1 ,5 6 5
186
1 1 .9 %
852
$ 1 ,0 1 3
$ 1 .1 8 9
E a s t-1
4 ,9 6 0
716
1 4 .4 %
849
$583
$ 0 .6 8 7
E a s t-2
7 ,6 5 7
866
1 1 .3 %
869
$635
E a s t-3
N o r th
7 ,6 9 4
3 ,1 2 3
543
315
7 .1 %
1 0 .1 %
909
985
N o r th e a s t-1
3 ,8 5 3
457
1 1 .9 %
N o r th e a s t-2
8 ,4 8 5
677
8 .0 %
N o r th e a s t-3
2 ,3 4 7
364
N o r th w e s t
3 ,7 3 5
391
S o u th e a s t-1
3 ,7 1 6
374
S o u th e a s t-2
4 ,0 4 5
380
S o u th e a s t-3
1 4 ,7 5 6
S o u th w e s t-1
S o u th w e s t-2
T o ta ls /A v e ra g e s
© Sep-02 Real Data
Southeast-1
5%
Southeast-2
6%
U n its U /C
U n its
P ro p o s e d
102
678
380
-9 1
0
0
$ 0 .7 3 2
-1 7
216
0
$688
$815
$ 0 .7 5 7
$ 0 .8 2 7
251
366
0
293
84
267
825
$524
$ 0 .6 3 5
182
124
100
966
$808
$ 0 .8 3 6
357
269
1 ,1 6 5
1 5 .5 %
900
$657
$ 0 .7 3 0
98
0
0
1 0 .5 %
789
$492
$ 0 .6 2 4
163
0
936
1 0 .1 %
839
$734
$ 0 .8 7 5
197
444
524
9 .4 %
1 ,1 0 5
$854
$ 0 .7 7 3
22
0
100
1 ,5 5 5
1 0 .5 %
967
$805
$ 0 .8 3 3
422
484
144
3 ,6 1 2
2 ,2 8 9
456
310
1 2 .6 %
1 3 .5 %
987
956
$800
$658
$ 0 .8 1 1
$ 0 .6 8 9
189
180
274
72
0
192
7 1 ,8 3 7
7 ,5 9 0
1 0 .6 %
923
$682
$ 0 .7 3 9
2 ,4 2 1
2 ,8 5 4
3 ,8 9 2
www.aptindex.com
A v e ra g e A b s o rp tio n - 6
R e n t/S F
m os.
12
Submarket Comparison
Submarket
Carolinas Real Data
Comparative Vacancies
Northeast-3
East-1
Southwest-2
Southwest-1
Downtown
Northeast-1
East-2
1
Southeast-3
Northwest
Southeast-1
North
Southeast-2
Northeast-2
East-3
4%
6%
8%
10%
12%
14%
16%
$850
$950
$1,050
Vacancy Rate
Comparative Rents
Downtown
Southeast-2
North
Northeast-2
Southeast-3
Southwest-1
Southeast-1
East-3
1
Southwest-2
Northeast-3
East-2
East-1
Northeast-1
Northwest
$450
$550
$650
$750
Average Quoted Monthly Rent
Comparative Absorption
Southeast-3
North
Northeast-2
East-3
Southeast-1
Southwest-1
Northeast-1
Southwest-2
1
Northwest
Downtown
Northeast-3
Southeast-2
East-2
East-1
-100
-50
0
50
100
150
200
250
300
350
400
450
Net units Absorbed (six months)
© Sep-02 Real Data
www.aptindex.com
13
Downtown
Submarket
Index
Carolinas Real Data
Downtown Submarket Summary
Downtown
Overall Mkt.
% of Mkt.
1,565
186
86,205
9,612
1.8%
1.9%
Vacancy %
11.9%
11.2%
Average SF
852
923
92.3%
Average Rent
$1,013
$708
143.0%
Average Rent/SF
152.2%
# Units
# Vacant
$1.189
$0.781
Absorption
102
3,069
3.3%
# Under-Const.
678
2,854
23.8%
# Proposed
380
4,965
7.7%
Starts
190
649
29.3%
164
1,683
9.7%
$3.32
$0.48
694.5%
Completions
Rent Change*
*(Based on pre-existing inventory only)
Downtown Submarket Summary
Dow ntow n Vacancy Rate
•
20.0%
18.0%
16.0%
14.0%
Vacancy Rate
Downtown Charlotte is located within the I-77/I-277 freeway
loop. It is the largest employment center in the city, drawing a
workforce of over 55,000 people daily. A recent announcement in
this submarket is the future campus of Johnson & Whales University, opening in fall 2004 with 825 students and expected to grow
to 2,800 students and 250 staff members by 2007.
Downtown represents less than 2% of the overall Charlotte
apartment market with 1,565 units.
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
•
•
•
There were 102 units absorbed in the past six months and 206
units absorbed in the last year.
The average rent stands at $1,013, with pre-existing inventory
rents increasing $3.32 since February.
There are 678 units currently under construction within 305
units at 5th and Poplar, 190 units at Sycamore Green and 183
units at Charlotte Cotton Mills where the first residents are
expected to move in the third-quarter of 2002. An additional
380 units are proposed at the Cornerstone/Paradigm site on
3rd and Church Streets.
There have been 164 units completed over the past six months
within the final units in the second phase of Post Gateway
Place. Construction was started on 190 units during the same
time period at Sycamore Green on West Trade Street.
0.0%
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
One Bedroom
Two Bedroom
$776
$1,014
$911
$1,292
$878
$1,265
$868
$1,294
$858
$1,311
Three Bedroom
$1,032
$1,740
$1,757
$1,822
$1,747
$855
$1,055
$1,019
$1,018
$1,013
$4.50
$0.77
-$48.31
$3.93
$3.32
www.aptindex.com
Aug. '02
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
8.6%
3.1%
20.6%
14.6%
15.3%
12.4%
11.2%
5.6%
12.6%
10.9%
Three Bedroom
0.0%
18.4%
14.3%
11.9%
4.2%
6.7%
18.7%
14.4%
9.6%
11.9%
Totals
D ow ntow n Absorption vs. C om pletions
450
23%
Absorption
C om pletions
V a cancy R ate
400
350
21%
19%
300
17%
250
15%
200
13%
150
11%
100
9%
50
7%
0
5%
-50
3%
-100
1%
Feb. '01
Aug. '01
Feb. '02
Aug. '02
Downtown Historical Supply / Demand Trends
Aug. '00
© Sep-02 Real Data
Feb. '02
One Bedroom
Two Bedroom
Downtown Historical Rent Trends
Rent Change*
Aug. '01
Downtown Historical Vacancy Trends
Aug. '00
Totals
Feb. '01
Vacancy Rate
•
The vacancy rate has dropped over the past year, falling from
14.4% reported in August 2001 to 11.9% as of this August.
Three bedroom vacancy rates are significantly below lower, at
4.2%, as compared to the rest of the downtown market.
Net Units Absorbed & Completed
•
Aug. '00
Feb. '01
Aug. '01
Feb. '02
Aug. '02
Absorption
Completions
168
169
222
406
194
164
104
40
102
164
Differential
-1
-184
30
64
-62
0
188
183
305
190
Starts
15
Northwest/St. Andrews
Submarket
Index
Real Data
Northwest/St. Andrews Submarket
Overall Mkt.
% of Mkt.
10,588
1,112
10.5%
24,716
2,375
9.6%
42.8%
46.8%
928
Average SF
$606
Average Rent
$0.653
Average Rent/SF
18
Absorption
240
# Under-Const.
0
# Proposed
226
Completions
240
Starts
$0.73
Rent Change*
*(pre-existing inventory only)
948
$629
$0.677
-192
428
462
226
428
$3.47
97.9%
96.4%
96.5%
-9.4%
56.1%
0.0%
100.0%
56.1%
21.0%
Northwest/St. Andrews Submarket Summary
•
The vacancy rate has remained in the 9%-10% range over
the past two and a half years and currently stands at 10.5%
as of April 2003. This is the highest vacancy rate reported
by any submarket.
12.0%
10.0%
Vacancy Rate
The St. Andrews/Northwest area is Columbia’s largest apartment market with a high concentration of apartments along
Broad River and St. Andrews Roads. The Northwest/St. Andrews submarket contains 42.8% of the apartment units in the
Columbia market, with 10,558 units.
Northwest / St. Andrews Vacancy Rate
8.0%
6.0%
4.0%
2.0%
0.0%
Apr. '01
There were only 18 units absorbed in the past six months
and 151 units were absorbed in the past year.
•
The final 226 units Crestmont on Wood Cross Drive were
completed over the past six months.
•
The average rent for the Northwest/St. Andrews submarket
is $606, with pre-existing inventory rents increasing only
$0.73 since October 2002.
•
There are currently 240 units under construction at Walden
Heights at Harbison on Lake Murray Boulevard. There are
no new units proposed at this time.
Oct. '01
Apr. '02
Oct. '02
Apr. '03
Northw est/St. Andrew s Vacancy Trends
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
9.0%
8.3%
8.7%
7.0%
9.8%
12.7%
9.1%
9.6%
12.7%
8.8%
8.4%
9.8%
9.4%
11.7%
8.9%
8.6%
9.1%
9.8%
8.7%
10.5%
One Bedroom
Two Bedroom
Three Bedroom
Totals
Northwest/St.Andrews - Absorption vs. Completions
Net Units Absorbed & Completed
•
300
11.0%
250
10.0%
200
9.0%
150
8.0%
Absorption
Completions
Vacancy
100
50
7.0%
6.0%
0
5.0%
-50
4.0%
-100
3.0%
-150
2.0%
Apr. '01
Northwest/St. Andrews Rent Trends
One Bedroom
Two Bedroom
Three Bedroom
Totals
Rent Change*
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
$506
$616
$703
$518
$629
$711
$517
$631
$715
$522
$636
$719
$525
$640
$722
$585
$598
$598
$603
$606
$5.87
$7.61
$1.60
$4.76
$0.73
© May-03 Real Data
www.aptindex.com
Vacancy Rate
NW/St.Andrews
# Units
# Vacant
Vac. %
Oct. '01
Apr. '02
Oct. '02
Apr. '03
Northwest/St. Andrews Supply / Demand Trends
Absorption
Completions
Differential
Starts
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
-118
0
-118
-59
0
-59
-79
0
-79
133
24
109
18
226
-208
0
40
250
0
240
18
West Columbia/Cayce
Submarket
Index
Real Data
West Columbia/Cayce Submarket
West Columbia/Cayce
Overall Mkt.
% of Mkt.
1,413
107
7.6%
24,716
2,375
9.6%
5.7%
4.5%
850
Average SF
$556
Average Rent
$0.654
Average Rent/SF
25
Absorption
0
# Under-Const.
0
# Proposed
0
Completions
0
Starts
$15.36
Rent Change*
*(pre-existing inventory only)
948
$629
$0.677
-192
428
462
226
428
$3.47
89.7%
88.4%
96.6%
-13.0%
0.0%
0.0%
0.0%
0.0%
442.4%
# Units
# Vacant
Vac. %
West Columbia/Cayce Submarket Summary
•
The West Columbia/Cayce submarket contains 1,413
apartment units, accounting for 5.7% of the overall market.
12.0%
10.0%
Vacancy Rate
West Columbia and Cayce are located to the west of downtown
Columbia across the Congaree River. This submarket is characterized as a middle-income suburban area. Most residents
either commute to jobs in downtown Columbia, are employed
at business parks that line the I-26 corridor.
West/Cayce Vacancy Rate
8.0%
6.0%
4.0%
2.0%
•
The average rent for the West Columbia/Cayce submarket
stands at $556, 12% below the overall market average of
$629. Pre-existing inventory rents increased $15.36 since
October 2002.
There were no units completed over the past six months
and no new units are proposed at this time.
0.0%
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
W est Columbia/Cayce Vacancy Trends
One Bedroom
Two Bedroom
Three Bedroom
Totals
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
7.7%
7.9%
16.7%
6.5%
9.1%
13.2%
7.0%
12.4%
18.4%
4.7%
10.9%
15.8%
9.5%
6.0%
12.3%
8.5%
8.6%
11.2%
9.3%
7.6%
West Columbia / Cayce - Absorption vs. Completions
150
17.0%
Absorption
Completions
Vacancy
125
100
15.0%
13.0%
75
11.0%
50
9.0%
25
7.0%
0
5.0%
-25
3.0%
-50
1.0%
Apr. '01
West Columbia/Cayce Rent Trends
One Bedroom
Two Bedroom
Three Bedroom
Totals
Rent Change*
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
$483
$535
$648
$486
$537
$658
$486
$539
$658
$488
$560
$665
$492
$574
$673
$528
$531
$532
$546
$556
$5.09
$4.03
$1.24
$1.57
$15.36
© May-03 Real Data
www.aptindex.com
Vacancy Rate
•
The vacancy rate has dropped over the past six months
from 9.3% as of October 2002 to 7.6% as of April 2003.
The recent drop in the vacancy is due to the absorption of
25 units over the past six months while no new units were
completed during the same time period.
Net Units Absorbed & Completed
•
Oct. '01
Apr. '02
Oct. '02
Apr. '03
West Columbia/Cayce Supply / Demand Trends
Apr. '01
Oct. '01
Apr. '02
Oct. '02
Apr. '03
Absorption
Completions
Differential
2
0
2
-1
0
-1
-36
0
-36
50
144
-94
25
0
25
Starts
0
144
0
0
0
19