Charleston South Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Charleston, SC (the Charleston-North Charleston-Summerville metro area) was $1,212 in 2019 according to the Census ACS survey.1 Average gross rent in Charleston was $1,228 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Charleston median and average rent data will be released in September of 2021.
Data is also available below for Charleston rental vacancy rates, Charleston rent as a percent of median income and the fraction of renters in Charleston.
Real Gross Rent in Charleston South Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| South Carolina Median Gross Rent | $922 | +1.54% | +4.65% |
| Charleston, SC Median Gross Rent | $1,212 | -0.90% | +10.08% |
Charleston, SC Real Gross Rent Trends
Median gross rent for Charleston peaked in real terms in 2018 at $1,223 and is now $11 (0.90%) lower. At $1,228, real average gross rent in Charleston was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Charleston: Charleston SC Median, Charleston SC Average, South Carolina Median, US Median
Real Gross Rent History for Charleston
| Date | US Median |
South Carolina Median |
Charleston, SC Median |
Charleston, SC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $922 | $1,212 | $1,228 |
| 2018 | $1,077 | $908 | $1,223 | $1,199 |
| 2017 | $1,043 | $874 | $1,136 | $1,129 |
| 2016 | $1,027 | $881 | $1,101 | $1,095 |
| 2015 | $1,017 | $869 | $1,097 | $1,116 |
| 2014 | $986 | $835 | $1,041 | $1,071 |
| 2013 | $953 | $807 | $1,003 | $995 |
| 2012 | $940 | $802 | $1,019 | $1,021 |
| 2011 | $941 | $800 | $983 | $981 |
| 2010 | $955 | $813 | $995 | $1,020 |
| 2009 | $960 | $805 | $990 | $992 |
| 2007 | $927 | $758 | $949 | $903 |
| 2005 | $910 | $764 | $968 | $921 |
Charleston Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Charleston South Carolina was 8.94% according to Census ACS data.
Rental Vacancy Rate in Charleston South Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| South Carolina | 9.13% | -0.86% | +0.64% |
| Charleston, SC | 8.94% | +0.74% | +2.60% |
Trends in Charleston, SC Rental Vacancy Rate
The rental vacancy rate in Charleston peaked in 2009 at 13.77%. Since then it has fallen by 4.83% to 8.94%. Data records for this series originated in 2005. From a 2016 post peak low of 6.34%, the rental vacancy rate has increased by 2.60%.
Rental Vacancy Rate: Charleston SC, South Carolina, US
Historical Rental Vacancy Rate data for Charleston
| Date | US | South Carolina | Charleston, SC |
|---|---|---|---|
| 2019 | 5.97% | 9.13% | 8.94% |
| 2018 | 6.15% | 9.99% | 8.20% |
| 2017 | 6.18% | 8.97% | 6.87% |
| 2016 | 5.89% | 8.49% | 6.34% |
| 2015 | 5.85% | 9.45% | 9.84% |
| 2014 | 6.32% | 10.54% | 7.21% |
| 2013 | 6.49% | 10.54% | 10.81% |
| 2012 | 6.77% | 12.68% | 10.10% |
| 2011 | 7.40% | 12.12% | 11.22% |
| 2010 | 8.17% | 13.69% | 13.32% |
| 2009 | 8.43% | 13.35% | 13.77% |
| 2007 | 7.87% | 11.99% | 11.11% |
| 2005 | 7.74% | 11.43% | 9.35% |
Rent as a Fraction of Income
Using median household income data for Charleston, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Charleston, median monthly gross rent as a fraction of median household income was 20.63% in 2019 according to the ACS.
Charleston South Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| South Carolina | 19.68% | -0.79% | -0.71% |
| Charleston, SC | 20.63% | -1.79% | -1.25% |
Trends in Charleston, SC Rent as a Fraction of Income
The fraction of median Charleston household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 22.94%. Since then it has fallen by 2.31% to 20.63%.
Fraction of Income towards Rent: Charleston SC, South Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Charleston South Carolina
| Date | US | South Carolina | Charleston, SC |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 20.63% |
| 2018 | 20.50% | 20.46% | 22.42% |
| 2017 | 20.13% | 20.12% | 21.84% |
| 2016 | 20.43% | 20.39% | 21.87% |
| 2015 | 20.63% | 20.81% | 21.99% |
| 2014 | 20.89% | 20.98% | 22.09% |
| 2013 | 20.78% | 20.81% | 22.07% |
| 2012 | 20.65% | 20.99% | 22.94% |
| 2011 | 20.70% | 20.99% | 21.75% |
| 2010 | 20.50% | 20.79% | 22.22% |
| 2009 | 20.12% | 19.96% | 21.61% |
| 2007 | 18.66% | 17.86% | 19.46% |
| 2005 | 18.89% | 18.65% | 20.52% |
Renter Fraction in Charleston South Carolina
You can calculate the renter fraction in Charleston in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Charleston as a fraction of total Charleston households. In 2019 32.54% of households were renters according to Census ACS data.
Charleston Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| South Carolina | 29.73% | -1.00% | -1.64% |
| Charleston, SC | 32.54% | -0.39% | -2.03% |
Trends in the Charleston, SC Renter Fraction
The Charleston household renter fraction peaked in in 2012 at 36.64% and is now 4.10% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Charleston SC, South Carolina, US
History of Charleston Renter Fraction
| Date | US | South Carolina | Charleston, SC |
|---|---|---|---|
| 2019 | 35.89% | 29.73% | 32.54% |
| 2018 | 36.05% | 30.73% | 32.93% |
| 2017 | 36.13% | 31.25% | 35.85% |
| 2016 | 36.88% | 31.37% | 34.57% |
| 2015 | 36.97% | 31.87% | 34.55% |
| 2014 | 36.90% | 31.95% | 35.97% |
| 2013 | 36.50% | 31.83% | 36.54% |
| 2012 | 36.09% | 31.87% | 36.64% |
| 2011 | 35.42% | 30.83% | 33.74% |
| 2010 | 34.65% | 31.30% | 34.58% |
| 2009 | 34.13% | 29.86% | 35.25% |
| 2007 | 32.80% | 29.96% | 33.23% |
| 2005 | 33.10% | 29.91% | 33.22% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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