AgentOwned Realty

Charleston Renters Are Making Their Landlords Wealthy

Posted By: Christine Pettigrew In: Renting vs Buying
Date: Tue, Jul 12th 2016 5:21 pm

I recently thought about how much money renters are paying, not just per month, but per year.  If you are currently renting, find your monthly rent amount on the left side of this chart and go across to see what you pay per year, in five years, or even more.  Are you shocked?  I am!  That is a huge amount of cash you are handing over to pay your landlord’s mortgage.

Rental rates in the Charleston area have dramatically risen over the past few years.  A typical $1,500 per month rental will cost you $18,000 per year.  If you were to rent for five years at that same rate (unlikely it would remain the same over five years), that is $90,000!  Don’t think that you are stuck and will never own your own place.  Please call me and there are likely options you don’t know about that can get you on the road to paying your own mortgage soon instead of your landlord’s.

Christine Pettigrew   843.276.7976