Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $271,326 | 0.63% | D |
| 3BR | $2,110 | $394,214 | 0.54% | F |
| 4BR | $2,420 | $511,979 | 0.47% | F |
| 5BR | $2,807 | $616,700 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 29410, located in Hanahan, South Carolina, presents a dynamic rental market with clear indications of housing pressures. The Fair Market Rent (FMR) set at $1,500 for fiscal year 2024 reflects the government's assessment of rental affordability, while the actual market rent, measured by ZORI (Zillow Observed Rental Index), stands at $1,739. This suggests that the private rental market is slightly above the government benchmark, indicating a robust demand.
A key metric in understanding the balance between supply and demand is the price-cut share, which is currently at 0.2%. This low figure implies that landlords are not frequently lowering their rents to attract tenants, a sign that the number of available rentals is not overwhelming the market. In other words, demand appears to be keeping pace with supply, if not slightly exceeding it.
The median home value of $404,426 provides context on the overall property values within the area. While this figure alone doesn't directly indicate whether supply outpaces demand, it can influence the decision-making process of potential homeowners versus renters. If property values are high relative to income levels, it could push more individuals towards renting rather than buying, thus increasing the demand for rental properties.
With a 31.9% renter share, Hanahan has a significant portion of its population choosing to rent over owning. This high percentage points to long-term housing pressure, as it suggests a continuous need for rental units. Landlords and small-portfolio investors should recognize this trend as an ongoing demand driver, ensuring that rental properties remain a vital part of the local housing landscape.
In summary, the current snapshot of the ZIP 29410 market shows a rental sector where demand is strong enough to maintain market rents above the FMR without frequent price cuts. The high median home value and substantial renter share indicate a market in motion, where the dynamics favor a steady demand for rental properties over the next several years.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.