Apartments in the Lowcountry are less expensive than the national midpoint, and prices are falling just as rates across the country are on the rise.
In its June study, Apartment List notes that Charleston's median rent stands about 6 percent below the national average. "As rents have fallen in Charleston, many other large cities nationwide have seen prices increase, in some cases substantially. Charleston is still more affordable than most similar cities across the country," the company says.
The Apartment List monthly report tracks rent growth, median prices and market trends. This month, the company includes major updates to its calculations. The changes generally have to do providing rent estimates that guard from skewing toward luxury apartments as in the past.
Among highlights of the local apartment outlook:
Rents in Charleston dipped 0.1 percent in the past month, and sank 2.3 percent year-over-year.
- Midpoint rental prices tend to be more affordable here than comparable cities elsewhere in the U.S: Charleston's median two-bedroom rent is below the national average. San Francisco, by contrast, has a median two-bedroom rent of more than twice the price in the Lowcountry.
- Charleston's year-over-year rent change lags the state average, up 1.6 percent, as well as the national 2.6 percent average growth. Countrywide, rents have risen 0.5 percent in the past month.