GREENVILLE, S.C. — Roughly 10 prospective renters are competing for each vacant apartment in the Greenville market, making it the second-most competitive rental market among South Carolina’s three largest metros, according to a RentCafe analysis reported by the Post and Courier on Oct. 30.
The ranking places Greenville 37th nationally among small rental markets. Apartments in the market were 92.7% occupied, 60.8% of renters chose to renew their leases, and vacant units were leased in an average of 39 days, the Post and Courier reported. Columbia ranked higher, at 22nd, with 13 renters per vacant unit, while Charleston came in 52nd with about seven renters per vacancy.
The figures come from RentCafe’s peak-season Rental Competitiveness Index, published Oct. 8. The apartment search site said it analyzed Yardi data for 139 U.S. markets, looking only at market-rate properties with at least 50 units, and scored each market on occupancy, lease renewals, days vacant, renters per vacant unit and the share of newly built apartments. The data reflects the April-through-June quarter. Nationally, the index slipped to 73.9 from 74.6 a year earlier, the report said, with Chicago topping large markets and Youngstown, Ohio, leading small ones.
Supply is a key factor in Greenville’s standing. According to the Post and Courier, demand has firmed because fewer new apartment units are coming onto the Upstate market than a year ago. Because RentCafe’s scoring gives weight to the share of newly built apartments, a slowdown in deliveries tends to lift a market’s competitiveness score as renters have fewer fresh options to choose from.
For renters, a tighter market generally means less room to negotiate and quicker decisions when a desirable unit opens up, and the relatively high renewal rate suggests many tenants are choosing to stay put rather than shop around. For apartment owners and investors, stable occupancy and slowing deliveries could support rent growth after a period of heavy competition from new product. For developers, the data points to a potential opening for projects that can deliver in the next few years if the construction pipeline continues to thin.
Greenville’s middle-of-the-pack national ranking also suggests the market remains far from the extreme conditions in places like Youngstown, where RentCafe found 96% occupancy and about 17 renters for each available apartment, according to the Post and Courier. For buyers and sellers watching the broader housing market, the rental data offers a signal that demand for Greenville-area housing remains firm even as the pace of new apartment supply eases.
Sources: The Post and Courier, RentCafe
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