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Residential Market Stats 

 
Overall occupancy of loft apartments and condos in Birmingham's City Center remains high: 93%. Until recently, all new units that have come onto the market have been "for sale" condominiums, and sales have been slow. With financing more difficult to obtain and uncertainty with the national economy, it will take some time to absorb the remaining units now on the market.

Prospects for rental units have strengthened over the past year. Some condo owners have chosen to rent their units until the market stablizes.

Following is a snapshot summary of City Center residential demand:

Occupancy Rates of Completed Residential Units in the City Center

Number of units completed

Number Sold/
Occupied



Percentage

Owner
Occupied Units

583

499

86%

Rental Units

2173

2085

96%

Recently Completed Projects

Project Name

# of units

Burger-Phillips Building

35

Park Place (Phase III)

237

Total:

530


Rental Projects Under Construction or Proposed

Project Name

# of units

Cityville Block 121 (under construction)

255

29Seven Lakeview (pre-construction)

56

Total:

311

The end result will be more than 3,000 apartments and condominiums and around 4,000 people living in the City Center once all these projects are complete.

For a comprehensive list of resdential units and City Center population projections, click here.


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