Leasing a home is hardly an inexpensive task in the Lowcountry, based on recent findings by a firm that follows the rental business.
At the end of 2015, greater Charleston posted the 11th highest rental rates in the United States, according to RentRange, a rental market service that is part of Luxembourg-based Altisource.
The information stems from Mount Pleasant Keller Williams Realty agent Michelle Whitbeck’s periodic newsletter.
“Tenants living in the Charleston area already know they are paying high rent, and it just goes up every year,” the newsletter notes.
RentRange compared the fourth quarter of 2015 with the same period a year earlier. The property lease rate in metro Charleston surged 10.6 percent.
“The single-family rental market remains strong across the U.S. as the homeownership rate continues to decline and a higher percentage of the population migrates to rental housing,” RentRange chief executive Walter Charnoff says.
Higher lease prices, while more costly to the tenant, are a positive development for the landlord, he points out.
“As the real estate market continues to improve, we are seeing significant rental price increases in many markets, which bodes well for investors in this space,” Charnoff says.
Reach Jim Parker at 843-937-5542 or firstname.lastname@example.org.