A pair of College of Charleston students have begun raising venture capital so they can afford a 2 bedroom apartment on Rutledge Avenue. College juniors Matt and Stuart have received $40,000 from an angel investor so far, which will barely get them an apartment near campus for one year.
Rental rates in downtown Charleston have skyrocketed in recent years. The monthly price category near Calhoun Street has gone from ‘Wow, that’s expensive’ to ‘Are you fucking kidding me?’ since 2013. In exchange for their apartment funding, Matt and Stuart have guaranteed 40% of their annual earnings in perpetuity when they go public and get a job after graduation.
Angel Investor Harry Gorman expressed his excitement in the start-up venture. “It wasn’t my first choice for a start-up investment,” said Harry. “I tried to get in on that really cool app that lets people skip the line at clubs, but I was too late. I tried to do the restaurant thing also, but Sean Brock wouldn’t even take my calls. I’ll just have to settle for Matt and Stuart.”
Matt and Stuart are already having trouble adjusting to a rental situation backed by a major investor. “It’s been a bit of a adjustment process,” Matt said. “Harry made us take down the two-story beer funnel and throw away our marijuana plants. And he also made me change my major from Philosophy to Computer Science because it has more value. It’s killing the start-up culture Stuart and I developed, but whatever.”
The investment is projected to tank when Matt and Stuart start waiting tables after they can’t find a decent paying job in Charleston. Beginning in 2017, downtown landlords will only accept rental payment in bags of diamonds.