The population for the MSA grew by about 13% between 2010 and 2020 U.S. Census, adding more than 100,000 people over the decade.

Greenville, SC is in the Greenville-Anderson MSA and is a growing market with around 1 million people. The population grew by about 13% between 2010 and 2020 U.S. Census, adding more than 100,000 people over the decade. The market appeals to both a growing young workforce and retirees due to Greenville’s downtown amenities and proximity to the Appalachian Mountains. This demographic makes one- and two-bedrooms in this market the most popular rentals.

Due to the population boom, inventory has expanded by about 30% since 2015, which is about 12,000 units. During this same time period, the market has added more than 50,000 new residents, so demand for multifamily units has mostly kept up with these record levels of supply. The stabilized vacancy rate, which includes only fully leased-up properties or properties 18 months or older, is currently at 4.6% after hitting an all-time low below 4% in late 2021. The market-wide vacancy rate, which includes all of the new inventory, is at 6.2%, which is slightly above national average. The low vacancy is helping to maintain strong annual rent growth, which remains above the national average in 2022 at 14.0% over the past year. There is even more supply expected to deliver in mid-2022, so rent growth could slow down, but with employment and population growth projected to continue outpacing national averages, demand for apartments is also likely to remain strong. With market-wide average rent at $1230 and below the national average, the Greenville market is still relatively affordable and attractive to new residents.

The average market price is $160,000 per unit.

The market set a record for apartment transaction volume in 2021, and that momentum has continued into 2022. Over the past year, $1.3 billion has traded hands in multifamily transactions. Greenville's favorable demographic trends and new supply have attracted out-of-state investors, who have increasingly focused on newer, higher-end assets pushing the average per-unit market price up to $160,000 from around $130,000 in 2019.

The region’s industrial and automotive sectors should serve it well heading into a recovery in which consumers have excess savings and pent-up demand.

The market and its neighboring markets, known as South Carolina Upstate region, have become a manufacturing hub. The industrial focus has helped the region weather the pandemic, with a faster-than-average jobs recovery. The region's manufacturing and logistics industries were initially damaged by supply chain disruptions early in the pandemic, but a shift in consumer spending from services to goods, particularly durable goods, boosted industrial activity in the region.

Recent job announcements include TTI Floor Care investing $93 million in a new distribution center in Greer, DHL Supply Chain adding 200 new jobs in nearby Cherokee County, and electric vehicle-maker Oshkosh Defense’s plans for more than 1,000 new jobs in Spartanburg after winning a U.S. Postal Service contract to build the federal agency's next generation of delivery vehicles. Adidas also announced plans to expand its distribution center.

BMW's production facility, which is in nearby Greer and opened in 1994, has become the German automaker's most productive plant worldwide with around 10,000 employees producing the majority of the company's SUVs sold in the U.S. In 2019, the company announced a $1 billion expansion of the plant, making room for production of its new X7 model. A new training center is scheduled to be complete in mid-2022. The presence of BMW, Michelin, Bosch, and other major automotive and machinery manufacturers has attracted automotive parts suppliers to the region.

While industrial sectors draw the most attention, the area is also known for its downtown redevelopment, particularly in Greenville, and the office and retail tenants that accompany it. Major office tenants include TD Bank regional headquarters, Denny's corporate headquarters, the global headquarters of Fortune 1000 technology distributor ScanSource, and most recently, Canal Insurance. They signed a 60,000-SF lease in Downtown Greenville, the largest office lease since the beginning of the pandemic.

The region’s industrial and automotive sectors should serve it well heading into a recovery in which consumers have excess savings and pent-up demand.

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