I have been complaining for months now around the many many condo and apartment complex' that are going up around downtown Greenville. Who is going to fill those condos? I keep saying that I feel like the city should require the complex' to fill the building at least 70% until they allow the development of another one. I feel like at the end of all of this construction, we are going to end up with a whole bunch of empty apartment buildings that took the place of green space or really clutch parking lots downtown. I came across some research done by Gvl Today that I thought was worth sharing, in case you missed it!
Too many downtown apartments, or just enough?
“Hello, and welcome to Greenville’s newest, luxury apartment… we’re redefining the way you live in Greenville.” - Headline of every new Greenville apartment website right now (basically).
Unless you live under a rock, you’ve seen the multitude of apartment complexes under construction in downtown and the West End. The question on all of our minds: Can we sustain all this growth?
How we got here:
In the last two years, we’ve seen four large complexes hit the market: Link Apartments (43% pre-leased/occupied), 400 Rhett, Main and Stone (49.3% pre-leased/occupied), and South Ridge (84% occupied). Amongst the three complexes of which occupancy rates were available, the average occupancy rate sits at 58.7%.
More data worth knowing:
5,383 new Greenvillians are expected to be in the city by 2021 according to GreenvilleSC.gov. The estimated annual growth rate is 1.60%, down from 2.01% up until 2016.
48.4% of Greenvillians will be renters by 2021, which roughly equates to 16,982 available housing units needed to meet demand.
That’s an additional 1,327 housing units needed by 2021. If you add up the unfilled (actual apartment) units (from the four above) and the units that plan to become available from the list below, Greenville city will have roughly 1,648 available housing units when all projects are complete. (Note: Housing units is the measurement used by the market profile report we got this date from.)
Whether you’re for or against the recent boom in the apartment developments, it seems that growth and stability remain constant in Greenville.