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SC utility to raise rents at lake subdivisions - Live5News.com | Charleston, SC | News, Weather, Sports

SC utility to raise rents at lake subdivisions


MONCKS CORNER, S.C. (AP) - South Carolina's state-owned utility is considering raising the rent on the properties it leases at three subdivisions at Lake Moultrie.

For 40 years, residents in those subdivisions have paid as little as $125 a year for rent on the land where their homes stand. Because the land is within the dike system of the lake, it can never be sold and is only rented.

Many of the 40-year leases expire in about 18 months and the utility wants the new fees to better reflect fair market value.

The utility hasn't made a decision yet on what the new rents will be because the more than 350 lots are now being appraised.

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