Rental Homes Charleston | When you are looking for cities to invest in rental homes, Charleston South Carolina should be on your investor’s radar. Everyone knows that Charleston is a historic town located on the coast. There are miles of beaches and abundant cultural diversity, nightlife, and family activities. Anyone who enjoys the sun and loves the south will be thrilled to own a rental home in Charleston. When you are investing in real estate, there are other important demographics and statistics you need to consider about a city before purchasing property there.
Why Rental Homes Charleston?
Charleston South Carolina has a population of approximately 130,000 people. The entire Lowcountry region is home to nearly 1 million people however and there are dozens moving to the area every day. When looking specifically at the city of Charleston, however, there are many reasons why investors are interested in rental homes Charleston.
Home Value vs. Rent-The median home value in Charleston is $269,400 which is a very affordable home value for investors. The area is considered suburban with rent being nearly $100 more than the national average. The average rent for a two-bedroom home in The United States is $949 and the average rent in Charleston specifically for the same type of property is $1,052. Depending on where you are living in Charleston rent can range anywhere from $949-$1700 per month.
Rental Market-46% of residents in Charleston rent. This is nearly half of the population meaning somewhere around 60,000 people are looking for rental homes. Charleston is the prime rental market for college students, Millennials, and families. Charleston has been ranked in the top 30 best cities for millennials to live in the United States as well as the top 35 for the best overall city and best city to retire.
Safety- Rental Homes Charleston is safer than the national average. When it comes to burglary, theft and other property crimes, Charleston is far below the national average. Violent crime occurrences are also lower than the national average making the city an attractive location for families.
When you purchase rental homes in Charleston, make sure to hire the best property management company to ensure you earn the best Return on investment.