There’s more than one reason why real estate investors are buying properties in Charleston, SC – from the thriving economy to affordability, it goes without saying that this charming city has become a hub for both renters and investors.
Whether you’re new to the world of investing or boast a portfolio of multi-unit properties, keep reading to discover why you should purchase a Charleston investment home:
Ever-growing property value
Home prices in Charleston have increased by 5.8% year on year and are projected to continue growing by a further 10.3% across the next six months. Over the last five years, property values have risen by a whopping 26% total, with the median property price standing at $649,593 – or $310 per square foot. Traditional investors are averaging a rental income of $1,804 per month and 1.6% cash on cash return respectively.
Strong and stable economy
Last year, Charleston was predicted to be one of the top ten hottest housing markets in 2021 in an article published by Forbes. This is largely thanks to the city’s stable economy and growing job market, which lends it as a considerably desired location for both employees, residents and retirees alike. Not just that, but the city is also expected to hold its place on this list for another three to five years according to the Charleston Regional Business Journal.
Affordable rental prices for tenants
With the average rental price ranging between $1,200 and $1,500 per month, this offers real estate investors extra legroom to upgrade their investment property with luxury furnishings and renovations to attract higher-paying tenants who are willing to pay premium prices. This makes it easy to profit off the homes you buy here – meaning you can still pay off your mortgage, tax, and other additional costs while still making a great return on investment.
Professional property management services in Charleston
Want to buy a property in Charleston SC but lack the time, knowledge and resources to manage it yourself? This is why many real estate investors turn to property management companies in Charleston to take charge of the rental process, so they can spend time building their own portfolio.
From lower expenses to bespoke, flexible monthly plans, Real Property Management Distinguished Care is on-hand to provide busy landlords with the support they need so you can make the most out of your rental property. Not only do we effectively run and manage your property on a monthly basis, but we also understand the law and industry best practices – meaning you will save more dollars in the long run.
To speak with us about our property management services in Charleston SC, get in touch with a member of our team today who will gladly assist you. We look forward to speaking with you!
Sources:
https://charlestonbusiness.com/news/real-estate-residential/77638/
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