Its getting expensive to rent an apartment in CHS these days as rents rise. Tyrone Richardson of The Post and Courier reports on the realities of renting in a market with significant barriers to entry for new development. New units are coming, but they are being outpaced by job creation, retirees, 2nd/weekend home creation, and the displacement of residents due to foreclosure or past foreclosures and not being able to qualify for a loan to buy another home.
Paul Bower of The Charleston City Paper reports on the increasing scarcity (and increased demand/costs) for affordable housing on the Peninsula in the wake of the announced demolition (and re-development with more expensive units) of the 221 units at Sergeant Jasper apartments this summer. The article also shows (below) a rather amazing statistic of how much home renters spend on housing in CHS County, 50% of their monthly income vs homeowners that spend about 35%. Some would argue …spending one-half of their income on rent, that’s why they are renters…
Ashley Barker of The Charleston Regional Business Journal reports on the planned demolition this summer of The Sergeant Jasper Apartments and the re-development of that site for a new multi-family development – just not the 14-story version.
In a post first reported at CharlestonCREblog last week, The Post and Courier reports the new student housing development at 400 Meeting Street sold at the wild price of $18.4M, or nearly $450,000 per unit and $115,000 per bedroom. That works out to a sub-6% cap on the year 1 proforma income. Tryone Richardson of The Post and Courier has the story.
After kicking off Charleston’s newest suburban office environment, followed by the announcements of a couple of Marriott hotels, Nexton’s next focus will be residential development. The first phase is a JV with The Beach Cos. and MeadWestvaco for 320 luxury units called The Parks at Nexton, and with a total of 13,000 residential units planned, this really will be South Carolina’s NextTown. The Post and Courier’s Tyrone Richardson reports…
The Post and Courier’s Tyrone Richardson reports the Charleston multi-family market, including a reference to Colliers International’s mid-year 2013 report authored by Seth Clark and yours truly.