Carolinas Region Absorbs 7% of its Existing Apartment Base

Apartment markets across the Carolinas continued to bask in peak apartment demand recently. The region absorbed over 69,200 units in the year-ending 2nd quarter, which was a record for the region and more than double the five-year average. When looking at demand as a share of the region’s total existing unit count, the Carolinas came out notably ahead of the nation’s other regions. The Carolinas had 995,200 existing apartment units as of 2nd quarter, which was the smallest volume nationwide. That means the past year’s demand total represents 7% of the Carolinas region’s existing stock of apartments. By comparison, in the Southeast – the closest to the Carolinas geographically – annual demand for 82,500 units represented just 4.4% of the region’s existing product base. The closest to the Carolinas in size of existing stock was the Desert/Mountains region, which absorbed 91,800 units, or 5.5% of its rental base.