Walking through older neighborhoods in Columbia, like Belmont or Arsenal Hill, you often encounter spacious older apartments that are hard to find in new constructions these days. Even with similar rent prices, older apartments often provide an extra room, which is an advantage, but the age of the facilities can be a concern.

The average rent for apartments in Columbia is $1,549 as of 2026, with studios at $1,068, one-bedroom apartments at $1,186 for 736 square feet, two-bedroom apartments at $1,411 for 1,065 square feet, and three-bedroom apartments at $1,882 for 1,368 square feet (RentCafe 2026). Newer developments like Killian Lakes have rent prices similar to the city average but are noted for having much more modern amenities, while older neighborhoods like Belmont, while unique, may lack some conveniences.

Columbia is currently seeing a significant increase in new constructions centered around downtown. The Olive Tower by CoreSpaces received a $33 million construction permit in January 2026 and is expected to provide over 2,000 beds on Main Street, while CF Evans' 2222 Mainview is a luxury apartment project with 320 units underway. Astral Development's Bull Street project aims to start construction in spring 2026 with 288 units, and Subtext's Senate Street project will have 221 units. It is estimated that there are currently or soon to be 1,200 new units under construction in just one area of downtown.

Nationally, new constructions often carry a price premium of about 10% to 20% over older buildings due to the latest insulation and energy-efficient features (based on RentCafe, Apartment List new construction trend reports). High-rise new constructions like Olive Tower and 2222 Mainview in downtown Columbia may see this premium increase due to their proximity to the city center.

The reason older apartments offer more space is simple. Older buildings were constructed under less stringent standards than those of today, and recent new constructions often reduce unit sizes in response to rising construction costs while increasing shared facilities. However, it is important to consider that older buildings may be approaching the time for roof or HVAC system replacements, and it can be helpful to request recent repair histories from landlords or management companies before signing a lease.

The property tax structure in South Carolina is also worth noting. Owner-occupied homes are assessed at 4% of their market value, while rental properties, second homes, and commercial real estate are assessed at 6%. For Korean families considering a purchase, this difference in assessment rates can impact decisions between living and investment properties.

New downtown towers often come with amenities like pools, gyms, and lounges, which can lead to higher HOA monthly fees compared to older buildings (according to bankrate.com HOA guides). In contrast, older neighborhoods like Old Sandon have many single-family older apartments with large yards and mature trees, resulting in lower maintenance costs, but it is important to consider that systems like air conditioning and water heaters may be nearing replacement.

Given the region's long, hot, and humid summers, it is particularly important to check for moisture and termite damage in older wooden structures. The school districts preferred by Korean families often include Irwin Andrews and Spring Valley, but school district boundaries change frequently, so it is advisable to verify the assigned school for a specific address before signing a lease. Whether renting or buying, in Columbia, the choice between older and new apartments often depends on whether you prioritize space or modern amenities and management convenience, making it especially important to visit properties in person to assess their condition. This article is not investment or legal advice, and it is recommended to consult with professionals before making any agreements.