Charleston Ranks as 15th Most Expensive City for Rent in the U.S.

Charleston Ranks as 15th Most Expensive City for Rent in the U.S.

Charleston, frequently termed the Holy City, recently achieved status among the top twenty most expensive cities to rent in the United States. The city ranked 15th in a report released by the real estate platform Zumper, indicating the average cost of renting a one-bedroom apartment to be $2,020, while a two-bedroom apartment typically costs around $2,500.

National Rental Average

On a national scale, the average cost of renting a one-bedroom apartment stands at approximately $1,531, whereas a two-bedroom apartment typically runs at $1,911. The national rate for one-bedroom units saw a 1.7% rise in July to reach $1,531, whereas two-bedroom apartments witnessed a 2.6% increase to reach $1,911. These represent the most significant growth rates noted since July 2023, when both were up by around 4-5%.

Contrasting Perspectives on Charlston’s Rental Market

A recent study by RentCafe cited Charleston as the best U.S. city for renters, considering factors such as local economy, affordability, job opportunities. It lauded the city’s “low cost of living,” “spacious apartments,” “quality schools,” and “abundant green spaces.” Moreover, it highlighted Charleston as a socially active city with numerous fitness centers, cultural events, fairs, and museums — factors contributing to Charleston securing its position as the #1 city for renters in 2024.

Economic Status of Renters

Qualification for apartment complexes typically requires renters to earn about three times the rent in gross monthly income. The U.S. Department of Housing and Urban Development has bracketed Charleston’s “low-income” category for a one-person household at $58,900 p.a, and for two-person households at $67,300 p.a.

Meanwhile, the U.S Bureau of Labor Statistics cites the mean hourly wage of $28.29, equivalent to an annual wage of approximately $58,843 for Greater Charleston. This status almost aligns with the income bracket categorized as low income, thereby rendering many unqualified for the average apartment rentals in Charleston.

National Affordability of Apartments

On a national scale, an average income of $65,470 equates to an hourly wage of about $31.48. This marker stands about $1,000 more than what is typically required for apartment qualification.

In summary, while Charleston continues to be a bustling, vibrant city attracting young professionals and families alike, the increasing rental costs are placing its affordability into question. As a result, many citizens find themselves grappling with the high costs of living, making the pursuit of comfortable homely spaces quite challenging.