Vitner concluded that from a look at a Columbia apartment market report released last month by Carolinas Real Data. The vacancy rate has increased over the past year from 7.6 percent in April 2000 to 8.4 percent in April 2001, according to the report. Demand for apartments fell, with 576 units absorbed during the 12 months ended in April compared to 670 units during the previous 12-month period.
Absorption is the net change in occupied units.
A number of folks were pulling back. In the past six months, development tapered off considerably. There are 388 apartments under construction and another 187 apartments proposed in Columbia, according to the Charlotte-based real estate information services outfit. Aubrey Moore, multifamily housing analyst with Carolinas Real Estate said the declining development levels are good news for the vacancy rate. On the homes sales front, the Columbia market is faring better than that of the nation.