CHARLESTON, S.C. (WCBD)- Rent is on the rise in cities across the United States.
Here in the Lowcountry, lots of people are impacted by the cost going up.
Ryan Cruice lives Downtown Charleston and says he’s seen the impact of rent going up around his neighborhood.
Cruice said, “I think it’s really hard for people to plan with rent increases. I’ve talked to some neighbors, 40-50% once their lease ends, that it goes up.”
Cruice says he hopes rent prices will level out, “I don’t think its sustainable on the path it’s on.”
However, the Economics Department Chair at the College of Charleston, Dr. Mothorpe says his hopes for that happening aren’t very high, because of a few reasons, one being the demand.
“There’s a long-term trend that people are just moving to Charleston,” Dr. Mothorpe said.
As a coastal city, Dr. Mothorpe says there’s not much room for more development on the peninsula to accommodate the growing population.
“Well, half our land is gone because the ocean is there, so we lose half the space anyway,” Dr. Mothorpe said.
He added that South Carolina doesn’t have rent control laws.
Dr. Mothorpe said, “The way a rent control law typically works is, once I’m in the apartment, you can only raise it by a certain percentage a year.”
Meanwhile, renters like Cruice are left to search for the best deal.