Charleston's multifamily rental rates outpace salary growth

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.

June 20, 2023

US-SC-CRW Charleston