If you have checked out the real estate market in South Carolina, you will see that homes are not on the market for long before a family or young entrepreneur has made an offer and is asking for the keys to move in. Investors are clamoring to scoop up single-family homes since the population, especially in the coastal cities, has seen steady growth with no signs of slowing down. Charleston property management companies are fielding phone calls left and right asking questions about the schools, neighborhoods, and amenities ahead of new families moving into town. And while other cities may be experiencing something similar, Charleston has shown itself to be the best place in South Carolina to buy a rental property.
Why Charleston Reigns Supreme for the Rental Market
Charleston has some of the most diverse home options in the state with luxury coastal, beach-front homes, as well as downtown apartments, and single-family suburban homes. The average home value in Charleston is nearly $330,000 which means market rental rates will be high and could turn large profits for investors especially when combined with Charleston property management companies’ services. In fact, rental rates in Charleston have risen by three percent over the last year as incomes and the GDP in Charleston, South Carolina, have increased.
Charleston also has a steadily growing population with more people looking to get away from the big cities and settle down into relaxed, Southern suburban lifestyles. Charleston still embodies the antebellum South and is ranked the number one friendliest city in the United States. Charleston property management companies also get to boast about the premier school system, booming economy, and is home to The Citadel—one of the top military academies in the nation, and The College of Charleston which was voted Most Beautiful College Campus by a renowned travel magazine.
All these factors have led to a population boom as well as college graduates choosing to state and continue renting even after graduation. Many of these recent graduates will be looking to upgrade their lifestyles for more professional living arrangements which is why investors should be purchasing single-family homes to rent now before property prices increase even more.
If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.