Market Update Beaufort County Apartment Association

Appfolio Websites • October 22, 2009

The following comes from the Beaufort County Apartment Association

-written by Nilisa Escobar

Comparative Statistics – October 2009

With the economy going the way it has been, it is nice to see that the apartment communities are still holding up strong. Several new properties have emerged this year and have proven to be successful due to the increase in population for the Beaufort County Area. The area economy is fueled by the low country tourism as well.

Nearly 14 million visitors enjoyed time spent in the low country area last year. The economic impact of visitor expenditures was nearly $3 billion in 2006. A total of 593 jobs were created due to tourism related development. In fact, the leisure/hospitality industry creates the largest employment sector in Beaufort County at 20.7% of the county’s employment (Beaufort profile).

The estimated Beaufort County population totals 120,937 as of the most recent U.S. census projections. Specifically the town of Port Royal has a population of 5,108 and the rest of Port Royal Island has a population of 31,678. The estimated population growth percentage over the course of the next ten years is 35%. The town of Port Royal boasts 2,938 households. The average median household income within Beaufort County is $33,700. The largest age group within Beaufort County is the 25-34 age group, with the 45-64 age group as the second largest age category.

Major employers in Beaufort County include the Beaufort County School District, the Department of Defense (the US Marine Corps Air Station (MCAS), the US Marine Corps Recruit Depot Parris Island (MCRD), and the Naval Hospital), the County of Beaufort, and Beaufort Memorial Hospital. Job growth remains active in Beaufort County, with recent statistics showing approximately 4000 new jobs created and over 10,000 new hires in the first quarter of 2008.

All of the above factors have affected the apartment industry in a positive way even when everyone was experiencing economic hardship.

In the 2009 State of the Region event, it was estimated that we are already in the upturn from the economic fall. We should really start feeling the effect no later than the end of 2010. $300,000 was already spent to market the Beaufort County area this year. This was the first time that money was used to market South Carolina to the rest of the United States.

Another growth that is taking place is the expansion of the Hilton Head Airport. While debates are still at large with the cutting of the surrounding trees and finances, Mayor Tom Peeples is actively trying to speed up the process so that we may be able to accommodate the jet planes needed to increase travelers to Hilton Head. Further proof of the growth is shown by the 6 new commercial permits that were approved for our area.

There are several apartment communities that have participated in Market Surveys that help in understanding trends. For the quarter (June 2009 though August 2009) the average traffic was 138. This information is based on 8 different communities between Beaufort, Port Royal, Hilton Head Island, Bluffton and Ridgeland.

AVERAGE ADJUST RENTS PER SQ. FT.&RENTS FOR THE PERIOD:
1 BR    0.947 ¢      $   762.29           This is an INCREASE from last period
2 BR   0.941 ¢      $ 881.21             This is an INCREASE from last period
3 BR   0.921 ¢      $ 1136.00           This is an INCREASE from last period

AVERAGE OCCUPANCY: 72% This is an INCREASE from last period GENERAL TRAFFIC IS – 135.25, This is an INCREASE from last period.

Current specials range from $30 off a month to $1000 off the first month.

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