Wilmington, NC: A boomtown that gained attention in the COVID era, and then dismissed as “oversupplied” when year-over-year supply growth soared to 15.2%. Well, it’s now just 2.7%, and rents are starting to pop again, up 4.3% year-over-year.
Charleston, SC: Right behind Wilmington with rents now up 3.5%, as Charleston seems to be upgrading its status from tertiary to secondary in this cycle. Supply growth peaked at 7.4%, but is now just 1.7%.
Myrtle Beach, SC: This is the biggest trough-to-current rent rebound among Sun Belt markets thus far. At one point, rents here fell nearly 8% year-over-year. Now, effective rents are up 1.9%. Like elsewhere, the rent rebound is timed with supply dropping off with year-over-year supply growth cooling from 7.6% to 2.7%
Source: Jay Parsons
Multifamily Market News 