20 Studio Apartments for rent in Fort Mill, SC
July 2020 Fort Mill Rent Report
Welcome to the July 2020 Fort Mill Rent Report. Fort Mill rents declined over the past month. In this report, we'll evaluate trends in the Fort Mill rental market, including comparisons to cities throughout the state and nation.
Fort Mill rents declined over the past month
Fort Mill rents have remained steady over the past month, but have decreased slightly by 0.1% year-over-year. Currently, median rents in Fort Mill stand at $1,008 for a one-bedroom apartment and $1,176 for a two-bedroom. Fort Mill's year-over-year rent growth leads the state average of -0.2%, but trails the national average of 0.2%.
Rents steady across cities in the Charlotte Metro
While rent decreases have been occurring in the city of Fort Mill over the past year, trends across other cities in the metro have varied. Of the largest 10 cities that we have data for in the Fort Mill metro, half have seen prices drop while others are seeing them rise. South Carolina as a whole logged rent growth of -0.2% over the past year. Here's a look at how rents compare across some of the largest cities in the metro.
- Looking throughout the metro, Mount Pleasant is the most expensive of all Fort Mill metro's major cities, with a median two-bedroom rent of $1,542; of the 10 largest South Carolina metro cities that we have data for, 5 have seen rents fall year-over-year, with Mount Pleasant experiencing the fastest decline (-5.9%).
- Huntersville, Rock Hill, and North Charleston have all experienced year-over-year growth above the state average (4.0%, 3.7%, and 1.7%, respectively).
Fort Mill rents more affordable than many large cities nationwide
As rents have fallen slightly in Fort Mill, a few large cities nationwide have seen prices increase, in some cases substantially. Fort Mill is also more affordable than most large cities across the country.
- Fort Mill's median two-bedroom rent of $1,176 is slightly below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While rents in Fort Mill fell slightly over the past year, the city of Phoenix saw an increase of 1.9%.
- Renters will find more reasonable prices in Fort Mill than most large cities. For example, San Francisco has a median 2BR rent of $3,035, which is more than two-and-a-half times the price in Fort Mill.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.