CHARLESTON, S.C. (WCBD)- As the nation grapples with record-high inflation, the cost of just about everything is going up, including rent.
But, even with efforts to hamper inflation’s hold on consumer prices, nationwide rent prices have continued their steep increase since the pandemic began.
According to a recent report by rent.com, 95 percent of units are more expensive compared to last year. Rent for a one-bedroom apartment has increased by 25.5 percent, averaging just over $1,700 per month. Two-bedroom apartment rent has seen a similar year-over-year trend, increasing by nearly 27% for an average of $2,047 per month.
In South Carolina, the year-over-year trend is even starker with average rent prices rising by about 35% compared to 2021.
Even still, many in South Carolina may find their landlord is still raising the rent on their apartment this summer.
Statewide, there is no rent control meaning landlords may increase rent on renewal by any amount. A landlord cannot raise the rent in the middle of a lease, but the state does not regulate the frequency with which landlords can raise the rent, either.
There is also no state statute that dictates how much notice a landlord must give a tenant before raising the rent. That means, come renewal time, tenants might have no warning sign that rent has gone up.
Are you still hoping to rent in Charleston?
As of June 19, the average rent for a studio apartment in Charleston is $1,529 while the average rent for a one-bedroom apartment is $1,563.
While that price is lower than the national average, about 78% of Charleston apartments cost more than $2,101 per month.
Here are the most affordable neighborhoods for renters in Charleston, according to rent.com:
*Note: These figures are only applicable to Charleston, S.C., and do not include Mt. Pleasant, North Charleston, Daniel Island, Ladson, Summerville, Beaufort, or Hanahan.
Most affordable (one-bedroom rent/per month)
- Avondale- $1,300
- West Ashley- $1,337
- Westside- $1,370
- Radcliffeborough- $1,550
- Sangaree- $1,577