Charleston Ranks 15th Nationally Among Most Expensive Cities to Rent In
The city of Charleston, popularly known as the Holy City, was recently named among the top twenty most expensive cities for renters in the United States, taking 15th place in the latest report released by real estate platform, Zumper.
Statistical Overview
In Charleston, renters looking for a one-bedroom apartment face an average price tag of $2,020, while a two-bedroom apartment comes with an average cost of $2,500. This stands in stark contrast with national averages where the monthly cost for one-bedroom apartments is around $1,531 and for two-bedroom apartments, it’s around $1,911.
Zumper highlighted that the national rate for one-bedroom units experienced a 1.7% increase this July, to $1,531, while two-bedrooms saw a 2.6% uptick to $1,911. These figures denote the largest growth rates recorded since July 2023, when they similarly escalated by around 4-5%.
The Paradox
Interestingly, this report contradicts a recent New York Times article that labeled Charleston as the “best U.S. city for renters.” The article curated by the New York Times credited Charleston for its economy, cost of living, spacious apartments, quality schools, and abundant green spaces.
The New York Times story referenced a study by RentCafe, which extolled Charleston’s potential for young adults, citing its prosperous social life, the abundance of fitness centers, cultural events, museums, and fairs as determining factors for its top ranking among U.S cities for renters in 2024.
Affordability Issues
However, other statistics paint a gloomier picture for Charleston renters. As suggested by Apartmentguide.com, to qualify for most apartment leases, a renter’s gross monthly earnings should be approximately three times the rent.
The U.S. Department of Housing and Urban Development describes someone as “low income” for Charleston this year, a one-person household would need to earn $58,900 a year, and a two-person household $67,300. However, the U.S Bureau of Labor Statistics reports a mean hourly wage in May 2023 of $28.29, or about $58,843 annually for the Greater Charleston area.
These figures leave average Charleston residents either at or beyond the low-income marker, and potentially unable to qualify for the average Charleston apartment. With average monthly wages being $1,100 less than the amount required to make it three times the area’s average rent, many citizens might find themselves priced out of the city’s rental market.
More information and resources on renting in South Carolina can be found on local real estate platforms and governmental websites.
