Charleston Sees a Slight Decline in Rent Prices This March

Categories: Breaking NewsEconomyMount Pleasant SCNews

Scenic view of Charleston with rental property signage

News Summary

In March, Charleston experienced a minor decline in rent prices for one and two-bedroom units, according to a recent report. The average price for a one-bedroom unit dropped by 1%, now at approximately $1,930, while two-bedroom units saw a 1.2% decrease, averaging $2,500. Although this news offers some relief for renters, Charleston remains the 18th most expensive rental market in the U.S., highlighting ongoing challenges in affordability and supply in the rental market.

Charleston Sees a Slight Decline in Rent Prices This March

Well, well, well, Charleston! Just when you thought rent prices were going to keep climbing, a new report shows that one and two-bedroom units in the city have actually decreased in March. It’s a bit of good news for renters, if not a complete game-changer. According to the National Rent Report from a rental platform, the average price for a one-bedroom unit has dropped by 1%, now sitting at around $1,930. For two-bedroom units, the drop is a tad more significant at 1.2%, landing that average at $2,500.

Still on the Expensive Side

18th most expensive city for rentals in the United States. Talk about keeping up with the big leagues! So, while we may be enjoying a temporary reprieve, it’s worth noting that nationally, one-bedroom rents saw only a teeny-tiny slip of 0.1%, averaging $1,524. Meanwhile, two-bedroom units nationwide have held steady at an average of $1,905.

Other Cities in the Rental Race

most expensive rental market, with one-bedroom prices creeping unbelievably close to an all-time high—just $30 shy of last year’s peak. And let’s not forget about San Francisco, which has seen rents climb to their highest level in almost five years! So while our little Charleston has a way to go, it seems we may be in a league of our own here.

The Bigger Picture

builders hitting the pause button, this stalling supply may lead to increased rental costs down the road.

The Calm Before the Storm?

37% since the end of 2019. South Carolina’s larger cities are also feeling the pinch, with rents climbing by more than 30% compared to pre-pandemic levels.

Reasons Behind the Rises

The Road Ahead

2025 as new constructions make their way into the market. For now, however, it’s worth noting that about a third of the rental listings are offering some incentives, like a month of free rent. This shows how much the rental market is adjusting to higher vacancy rates.