New apartment supply in Charleston has climbed at unprecedented rates throughout this economic cycle, growing market-wide stock by 34% between 2010 and 2018. In 2018 alone, Charleston’s inventory base grew by the second-highest rate in the nation at 6.4%, outpaced only by College Station’s 7.7% increase. Much of the new supply came later in the cycle, as Charleston saw very little apartment construction from 2010 to 2012. Annual supply growth trended upward in 2013 and has remained elevated since – peaking at 7.1% in the first two quarters of 2018. Looking ahead, completions are expected to remain elevated. In 2019, no other market tracked by RealPage will see a higher rate of inventory growth than Charleston’s 6.5%, accounting for about 3,700 new units.
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