A space conditioning system includes a hot gas reheat section and one or more modulating valves to direct a percentage of refrigerant flow to the hot gas reheat section. The hot gas reheat section includes multiple refrigerant circuits arranged in parallel. A control valve is used to allow the refrigerant to flow through selected ones of the multiple refrigerant circuits in response to the percentage of refrigerant flow directed to the hot gas reheat section, thereby varying the internal volume of the hot gas reheat section available to the refrigerant. Refrigerant charge hold-up within the hot gas reheat section can thereby be minimized.