Attention Renters – you may have noticed that your rent prices are going up and all the influencing factors indicate that the rental prices in the Charleston Tri-county will continue to climb so buying a home now may be a much better option and use for your hard-earned money.  The housing market in Charleston remains HOT and housing prices continue to climb so acting sooner than later in this market could save you thousands of dollars and give you a great return on your investment.  There are several things driving the housing and rental markets in the Charleston area including the local economy, job market, population growth, demand, vacancy rates and new construction permits.  Here are the latest facts by the numbers:

1. Economy – The region’s economy is strong with a Gross Domestic Product GDP per capita is $44,645.00 and it is projected to grow to $46,670.00 by the end of the year, a growth rate of 05%. 
2. Job Market – The current unemployment rate for Charleston SC is 3.1% down from 9.4% at the height of the great recession earlier this decade.  The national unemployment average is 4.1%.
3. New Construction Permits – In 2016 there were 5028 single family housing construction permits issued for the Charleston Tri-county region, down from a high of 8218 in 2005.  During the same time period there were 4,582 multifamily units permitted up from 2024 in 2015.  As of July 2018, there are over 105,000 single family home permits issued for the Tri-county area. 
4. Population Growth - Per the latest Charleston Chamber of Commerce data, Charleston has a population of 719,000 and is now the largest City in South Carolina, with 51 people a day moving to the region.
5. Rental Vacancy Rates – The current rental vacancy rate in the Charleston Tri-county region is 7.2% down from a high of 13.9% in 2010.  The current vacancy rate is expected to continue to drop in order to meet the current housing demand as new construction cannot keep up with the population growth.
6. Demand - with 51 people every day moving to the Tri-county Charleston area the demand for housing currently exceeds the rate of construction driving down vacancy rates and driving up rental and housing costs.     

Charleston Tri County Apartment Rent Ranges

• $501.00-$700.00 - 01% of the rental market
• $701.00-$1,000  - 22% of the rental market
• $1,001-   $1,500  - 58% of the rental market
• $1,501-   $2,000 - 16% of the rental market
• > $2,000                - 03% of the rental market      

As you can see, nearly 60% of the rental rates in the region are between $1001 and$1500.00 per month.   All of this bodes well for the current home owner in the region as their homes continue to appreciate at more than 7% every year, well above the national average, with no end in sight.  It is not good news for the renters in the area.  As the vacancy rates go down and the population continues to grown the rental rates will continue to climb.  The “average” rental rate in the region is currently $1,256 per month for 950 sq. ft. or 1.32 per square foot.  The highest rentals are in Mount Pleasant at $1,395 which have leveled off in recent months and the cheapest rentals are in North Charleston at $898 which are up 8% year over year and expected to continue to climb.  Read a lot more about the current Charleston housing and rental market by reading the full HUD Comprehensive Housing Market Analysis

You have nothing to lose - don’t wait, act now and stop throwing away your hard-earned money!  As a first-time homebuyer you will be surprised what you can afford to buy.  We are a one stop shop and can work with you every step of the way to find out exactly what you would qualify for and find you the perfect home.  Contact us at Rick and Jim Properties or call us now at 843-469-6570/6580 and let us get started working for you today.