Home for rent in Charleston SC are going faster than ever, and to high-quality tenants that will want to remain in the property long-term. For years, the Charleston rental market has received high rating and reviews due to the affordability of rental housing paired with an excellent quality of life. However, one of the biggest reasons that the rental market is booming is because of factors such as economic development and population growth that has left construction demand and availability of new homes at an imbalance.
Key Market Stats for Charleston:
In the last year, homes for rent in Charleston SC have increased in rent by 9 percent.
The average price of a rental home in Charleston is between $1,001 and $1,500 per month.
Lower rent ranges can be found in Four Mile Hibernian or the Rosemont neighborhoods.
Higher rent ranges can be found in Downtown Charleston, South of Broad, or the Harleston Village where rent averages closer to $3,000 per month.
Even though rent is going up in Charleston, renters are still hungry to rent vs buy due to rising home prices, availability of homes to buy, and other factors.
Why Renters Love Charleston
More people than ever are looking for homes for rent in Charleston SC because the quality of life is simply amazing. Not only is Charleston in the top 20 cities in the United States for job seekers, but it is also a millennial magnet due to the diversity, education system, family-living, nightlife, and quality homes. Charleston also has one of the best Metropolitan hospitals on the coast, and a plethora of historic and modern attractions that can be enjoyed all year around thanks to the subtropical climate.
Charleston is projected to continue with vibrant population growth and expansive economic opportunities for the next decade at minimum. This trend will keep home prices and resale values high and give rental property investors a chance to increase their profits while maintaining affordability for tenants. If you have considered making an investment, now is the time.
Call Scott Properties today to help with managing your homes for rent in Charleston SC, 843-212-9672.