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Charleston rental rates rise faster than US average

Charleston home prices are out of reach for many, but apartment rents are getting that way, too. 

Rent prices climbed nearly 3 percent over the past 12 months in the region. The median price for a one-bedroom unit came in at $1,252 a month in April, according to the online service Apartment List.

Renters will shell out $1,463 for a two-bedroom apartment, based on the median.

During the past month, rental rates climbed 1.4 percent across Charleston, the fifth month in a row for increases since November.

Rents increased in every submarket of Charleston over the past 12 months.

The rental price for a one-bedroom unit in Mount Pleasant is 1,644. For a two-bedroom apartment, the cost is $1,889.

Summerville offers a better deal for one bedroom at $920 and for two bedrooms at $1,285. North Charleston appears to be in the middle with rates on a one-bedroom at $1,054 and on a two-bedroom unit at $1,190.

While the cost to rent is increasing in the Lowcountry, the percentage jump across South Carolina is even higher at almost 5 percent since April 2020. For comparison, the national average jump in rental prices is 2.3 percent over the past 12 months.

It’s more expensive to rent in Charleston than in Atlanta, Dallas, Detroit and Phoenix, all major metropolitan areas much bigger than Charleston. Charleston renters can take heart that they are paying less than in cities where it’s more expensive such as San Francisco, Seattle, Miami, New York and Denver.

For those who can afford it, they can get a $300,000 home loan at the average rate of 2.98 percent, as of April 29, and pay $1,262 a month, just $10 more than the median price to rent. The sample loan price does not include any money down or the cost of property taxes and insurance.

A new 430-unit housing subdivision is being proposed off Plow Ground Road, top, near River Road, right. Provided/City of Charleston/Thomas & Hutton

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430 new homes slated for Johns Island development

The 430-unit Wooddale housing development is in the works  off Plow Ground Road near River Road on Johns Island, not far from Charleston Executive Airport. Provided/Thomas & Hutton 

A division of Miami-based homebuilder Lennar Corp. plans to develop the 300-acre Wooddale tract off Plow Ground Road and River Road, not far from Charleston Executive Airport.

By the numbers

2: Number of Frothy Beard Brewing sites in the Lowcountry when it expands to Summerville by mid-June.

8,450: Square footage of site in Goose Creek where Sears will relocate from Moncks Corner soon to make way for a new Harbor Freight Tools store. 

11,000: Square footage of new Dollar Tree store opening in Ladson.

This week in real estate

+ Keeping the name: Belle Hall Plantation residents in Mount Pleasant voted to keep the name amid the ongoing conversation about race in America.

+ Branching out: Charleston-based Beacon Community Bank recently added a third site in the Lowcountry by expanding to Daniel Island. 

+ Revving up: Tired of being stuck at home during the pandemic, some Charleston residents are hitting the road in the new wave of RV excursions and increased sales. 

5-story apartment building to replace Charleston church

The site of Eastside Missionary Baptist Church at 584 Meeting St. in Charleston could become the site of a new 250-unit, five-story apartment development. The church is planning to build a new facility in North Charleston. Brad Nettles/Staff

A pair of developers paid $4 million for the site of Eastside Missionary Baptist Church in March and plan to build a 250-unit apartment building on the property at 584 Meeting St. in Charleston. Brad Nettles/Staff

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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.

Originally Appeared On: https://www.postandcourier.com/business/real_estate/charlestons-rising-rents-outpace-us-average-big-johns-island-housing-development-on-way/article_8a901b66-a47c-11eb-9845-87a1f3aab785.html