Residences at Old Carolina: A Mixed-Income Community in Charleston

What Residences at Old Carolina offers

Residences at Old Carolina is a mixed-income apartment community located in Charleston's historic downtown area. The property combines market-rate and affordable units, meaning some apartments rent at standard market prices while others are reserved for households earning below the area median income. The community sits near King Street and the Charleston waterfront, placing residents within walking distance of shops, restaurants, and cultural venues.

The development includes one-, two-, and three-bedroom floor plans. Amenities typically include a fitness center, community room, and parking. Because it is a mixed-income property, the experience and pricing differ depending on which unit type you occupy—market-rate residents pay standard Charleston rents, while income-restricted residents pay based on their household earnings.

Key Takeaways

• Residences at Old Carolina houses both market-rate and affordable units in downtown Charleston, so the rent you pay depends on which category your unit falls into.
• Income-restricted units require proof of household income at or below a set percentage of the area median income, which changes annually.
• The property is managed by a professional management company that handles leasing, maintenance, and resident services for both unit types.
• Location near King Street and the waterfront means walkable access to downtown employment, dining, and entertainment without a car.

Income limits and affordability tiers

Affordable units at Residences at Old Carolina are reserved for households earning at or below a certain percentage of the area median income—often 60 percent or 80 percent, depending on the unit. The Charleston area median income changes each year, so the dollar amount that qualifies also changes annually. For example, a household earning 60 percent of area median income in 2024 would not be the same dollar figure in 2025.

To determine whether you fall within the income limit, you will need to know your household's gross annual income and the number of people in your household. The management office can tell you the current income limits and help you understand whether your situation qualifies. Proof of income—such as recent pay stubs, tax returns, or a letter from your employer—is required during the leasing process.

Rent for income-restricted units is typically set at 30 percent of your household income, meaning lower-earning households pay lower rent. This differs from market-rate units, where rent is set by the property based on demand and comparable rents in the area.

How to inquire about availability

Contact the Residences at Old Carolina leasing office directly by phone or in person to ask about current openings. The office staff can tell you which unit sizes are available, whether they are market-rate or income-restricted, and what the current rent is. They can also explain the income documentation you will need to bring if you want to pursue an income-restricted unit.

Because affordable housing in downtown Charleston is limited, units may have a waiting list. If nothing is available immediately, you can ask to be placed on a list for future openings. The leasing office will contact you when a unit matching your needs becomes available.

What to bring to the leasing office

Standard apartment leasing requires proof of identity, proof of income, and often a credit check authorization. For income-restricted units specifically, bring recent pay stubs (typically the last two months), a copy of your most recent tax return, and a letter from your employer confirming your position and salary. If you receive income from other sources—such as Social Security, disability, child support, or unemployment—bring documentation of that as well.

You will also need to provide references, usually from a previous landlord or employer. If you have an eviction or broken lease in your history, disclose it upfront; the leasing office will explain how it affects your application. Bring your Social Security number so the property can run a background and credit check.

Lease terms and move-in costs

Standard lease terms at most apartment communities run 12 months, though shorter or longer terms may be negotiable. Move-in costs typically include first month's rent, a security deposit, and sometimes an application fee. For income-restricted units, the security deposit is often reduced or waived, and application fees may be lower or absent.

Ask the leasing office about the exact move-in costs for the specific unit you are interested in. Some properties offer move-in specials during slower leasing periods, such as reduced deposits or waived fees. These vary by season and availability, so it is worth asking what incentives are currently running.

Parking and transportation

Residences at Old Carolina includes parking on-site, though the number of spaces per unit and whether parking is included in rent or charged separately depends on your lease. Downtown Charleston parking is expensive at market rates, so clarify whether your rent includes one or more spaces or if you will be charged monthly for parking.

The location on or near King Street puts you within walking distance of downtown employment, the Charleston City Market, restaurants, and cultural institutions. Public transit via CARTA (Charleston Area Regional Transportation Authority) also serves the downtown area, making car-free living possible for some residents. Ask the leasing office about nearby bus routes and transit schedules if you plan to rely on public transportation.

Community amenities and services

Residences at Old Carolina typically offers a fitness center, community room for resident events, and professional on-site management. The community room may host resident gatherings, and the fitness center is usually available to all residents at no additional charge. Maintenance staff respond to repair requests, and the leasing office handles lease questions and rent payments.

Because the property is mixed-income, all residents—whether in market-rate or affordable units—share the same amenities and community spaces. This creates a genuinely integrated neighborhood rather than separate sections for different income levels.

Frequently Asked Questions

Do I have to prove my income every year?

Income verification is typically required at lease signing and renewal. If your income changes significantly during your lease, inform the management office, as it may affect your rent calculation. Some properties recertify income annually, while others do so only at renewal time.

What if my income goes above the limit after I move in?

If your income rises above the affordable housing limit, you may be required to move to a market-rate unit or leave the property when your lease renews. Policies vary by property and funding source, so ask the leasing office what happens if your circumstances improve.

Can I get on a waiting list if nothing is available now?

Yes. The leasing office can place you on a waiting list for future openings. They will contact you when a unit matching your needs and income level becomes available. Waiting times vary depending on turnover and demand.

Is there a preference for Charleston residents or people working downtown?

Residences at Old Carolina does not typically prioritize based on where you work or whether you are a current Charleston resident. Leasing decisions are based on income, credit, background, and rental history. Ask the leasing office if any local preferences apply to the specific unit you are interested in.

What is the difference between market-rate and affordable units?

Market-rate units rent at standard Charleston prices set by the property. Affordable units rent at 30 percent of your household income if you earn below the area median income limit. Both types of units are in the same building and share the same amenities; the difference is in how rent is calculated and who is may be able to access to live there.