Lancaster, South Carolina Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Lancaster, South Carolina rental market.

Lancaster, South Carolina

Average Apartment Rent

$939

Y-o-Y Change in Average
Apartment Rent

9.2%

As of November 2024

Compared to a year ago, Lancaster, South Carolina apartments have recorded a 9.2% rent increase.

Lancaster, South Carolina Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Lancaster $777 $771 $820 $853 $872 $906 $860 $880 $951 $939
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Lancaster
National
Nov 2021
$777
$1,596
Mar 2022
$771
$1,635
Jul 2022
$820
$1,708
Nov 2022
$853
$1,726
Mar 2023
$872
$1,714
Jul 2023
$906
$1,739
Nov 2023
$860
$1,733
Mar 2024
$880
$1,727
Jul 2024
$951
$1,752
Nov 2024
$939
$1,748

Lancaster, South Carolina Average Apartment Rent

Lancaster, South Carolina Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 60%, apartments priced $700 - $1000 represent the bulk of Lancaster, South Carolina rentals, while condos priced $500 - $700 hold the lowest share of the market – 13.33%.

Lancaster, South Carolina Housing tenure**

Renter occupied housing units 1,884
Owner occupied housing units 1,327

Renters take up 59% of Lancaster, South Carolina real estate, occupying a total of 1,884 units, while homeowners live in 1,327 properties.

Median number of rooms of renter-occupied housing units**

4.5

Renter median household income**

$24,975

Average household size of renter-occupied housing units**

2.41

Rental vacancy rate**

3.1%

Lancaster, South Carolina Renter-occupied housing units by no. of bedrooms**

No bedrooms 27
1 bed 166
2 beds 1,011
3 beds 471
4 beds 196
5 or more beds 13

There are 1,011 rentals in Lancaster, South Carolina with 2 beds making up the highest share of the market, at 54%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 13 units. Overall, the median number of rooms in Lancaster, South Carolina homes for rent is 4.5.

Lancaster, South Carolina Renter-occupied units by age of householder**

15 - 24 years 139
25 - 34 years 463
35 - 44 years 381
45 - 54 years 232
55 - 59 years 84
60 - 64 years 209
65 - 74 years 265
75 - 84 years 77
85 years and over 34

Most condos for rent in Lancaster, South Carolina are occupied by residents in the 25 - 34 years age group (25%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

Lancaster, South Carolina Renter-occupied housing units by family type**

Family households 1,099
Non-Family Households 785

Lancaster, South Carolina Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 696
No related children of the householder under 18 1,188

A total of 1,099 apartments for rent in Lancaster, South Carolina, or 58% of all rentals are family households. Additionally, 37% of rental homes include children under the age of 18 – that’s 696 units. All in all, the median size of a renter-occupied household in Lancaster, South Carolina is 2.41.

Lancaster, South Carolina Renter-occupied housing units by educational attainment**

Less than high school graduate 453
High school graduate (including equivalency) 603
Some college or associate's degree 680
Bachelor's degree or higher 148

In terms of education, renters holding bachelor degrees or higher make up 8% of the rental market. In contrast, residents with less than a high school degree reside in 24% of the homes for rent in Lancaster, South Carolina.

Lancaster, South Carolina Renter-occupied units by year structure built**

Built 2000 - 2009 155
Built 1990 - 1999 266
Built 1980 - 1989 147
Built 1970 - 1979 584
Built 1960 - 1969 309
Built 1950 - 1959 83
Built 1940 - 1949 142
Built 1939 or earlier 190

The highest share of Lancaster, South Carolina apartment rentals, namely 31% or 584 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (16%, 309 units), and the ones Built 1990 - 1999 (14%, 266 units).

Lancaster, South Carolina Renter-occupied units by year householder moved in**

Moved in 2021 or later 71
Moved in 2018 to 2020 443
Moved in 2010 to 2017 1,108
Moved in 2000 to 2009 233
Moved in 1990 to 1999 17
Moved in 1989 or earlier 12

Median year renter moved into unit 2015

Most Lancaster, South Carolina renters (59%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Lancaster, South Carolina condos for rent is 2015.

Lancaster, South Carolina Renter-occupied housing units by vehicles available**

No vehicle available 412
1 vehicle available 856
2 vehicles available 500
3 vehicles available 83
4 vehicles available 14
5 or more vehicles available 19

When it comes to transportation options, 45% of Lancaster, South Carolina renters have 1 vehicle available per household, 27% of them have 2 vehicles available, and 22% have No vehicle available.

Lancaster, South Carolina Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 1,064
Car, truck, or van - carpooled 142
Walked 61
Taxicab, motorcycle, bicycle, or other means 154
Worked at home 16

Lancaster, South Carolina Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 3,696
Moved within same county 488
Moved from different county within same state 28
Moved from different state 129
Moved from abroad 62

Lancaster, South Carolina Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Lancaster, South Carolina apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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