Charleston's multifamily rental rates outpace salary growth

graph of average multifamily rental rate compared to average job posting salary in Charleston, South Carolina from 2018 to 2023
  • Renters in Charleston are spending higher percentages of their income on housing as rents increase and wages remain stagnant. The average multifamily rental rate has increased by 48% in five years, while the average salary for job postings has only increased by 3%.
  • As median home prices and mortgage rates rise, renters are less likely to buy. Increased demand will likely continue to push rental rates rapidly while wages will struggle to keep pace.

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US-SC-CRW Charleston