Property Management | When you own rental property in Charleston, South Carolina, it is essential to understand the trends in the property management industry and rental industry. Currently, the average rent is increasing two percent each year, and that trend is not fading. More than half of the properties in Charleston rent for between $1,000 and $1,500 per month and another sixteen percent average between $1,500 and $2,000 per month. However, there are plenty of neighbors where rent tops two thousand dollars per month.
With property values increasing, now is the time to invest in rental property and get a few extra thousand dollars per month in your pocket. These trends going into 2019 will help you make the best decisions for your business.
- Three and Four Bedroom Homes on the Rise-The price of three bedrooms homes in Charleston has increased more than seven percent in the last year, and four bedroom homes have had just over a three percent price increase. The best part is that even though home prices are rising, more homes are being sold. After a low dip in sales at the beginning of the year, home sales are increasing dramatically since. Investing in single-family homes now means you can expect an increase in your home value over the next few years.
- Rental Prices Increasing-The median rent in Charleston in October was $1,900 per month which is $150 more per month than the prior year. This is a trend that can be expected to continue.
- Remodeled Kitchens-One trend that Charleston Property Management needs to consider is kitchen remodels. Renters are looking for properties with updated kitchens, and property owners need property managers to help them manage the remodel and then market the property afterward.
- Homes with Pools-Swimming pools dramatically increase the value and curb appeal of homes and Charleston property management companies know that you can ask more for rent when a house has a swimming pool.
If you’re ready to let a property manager help you navigate the trends for 2019 in Charleston property management contact Scott Properties today!