Rent Report | April 2017

What's the going rental rate for Charleston area properties? Get the inside scoop on properties leased last month in our latest Rent Report.


Matt Azar - 1336 Old Brickyard.jpg

1336 Old Brickyard Road
Mount Pleasant, SC 29466

4 BR | 3.5 BA | 2925 SF

Type: House
Referring Agent: Stephanie Toole, Matt O'Neill Real Estate

Rent: $3,000


Matt Azar - 1207 Vienna Woods.jpg

1207 Vienna Woods Road
Hannahan, SC 29410

2 BR | 1 BA | 950 SF

Type: House
Referring Agent: NA

Rent: $1,200


Matt Azar - 200 River Landing.jpg

200 River Landing Drive H205
Daniel Island, SC 29492

2 BR | 2 BA | 1640 SF

Type: Condo
Referring Agent: Bill Bladykas, Carolina Sun Real Estate

Rent: $1,950


Matt Azar - 194 Fishburne.jpg

194 Fishburne Street
Charleston, SC 29403

3 BR | 2.5 BA | 1545 SF

Type: House
Referring Agent: Katie Wishneff, Keller Williams

Rent: $2,850


Matt Azar - 411 Owen.jpg

411 Owen Street
Charleston, SC 29414

3 BR | 2.5 BA | 2000 SF

Type: House
Referring Agent: NA

Rent: $1,900


Matt Azar - 340 Mount Royall.jpg

340 Mount Royall Dr
Mount Pleasant, SC 29464

4 BR | 2 BA | 2056 SF

Type: House
Referring Agent: Charles McIntosh, The Cassina Group

Rent: $2,300


Matt Azar - 3041 Penny Lane.jpg

3041 Penny Lane
Johns Island, SC 29455

3 BR | 2.5 BA | 1700 SF

Type: House
Referring Agent: Carter Rowson, The Cassina Group

Rent: $1,750


Matt Azar - 1025 Riverland Woods.jpg

1025 Riverland Woods Place #608
Charleston, SC 29412

2 BR | 2 BA | 1100 SF

Type: Condo
Referring Agent: Carter Rowson, The Cassina Group

Rent: $1,225


Matt Azar - 447 Maple Oak.jpg

447 Maple Oak Lane
Charleston, SC 29414

3 BR | 2 BA | 1733 SF

Type: House
Referring Agent: Astrid McManus, Golden Bear Realty

Rent: $1,900


Matt Azar - 288 Sumter.jpg

288 Sumter Street Unit A
Charleston, SC 29403

3 BR | 2 BA | 1300 SF

Type: Apartment
Referring Agent: Sean Leighton, Carolina Sun Real Estate

Rent: $2,500


If you are an agent working with an owner in need of property management services, we have an Agent Referral Program. You will be rewarded for closed referrals. 

Rent Report | March 2017

CHR_RentReport Graphic_Blog.jpg

What's the going rental rate for Charleston area properties? Get the inside scoop on properties leased last month in our latest Rent Report.


    62 Bogard Street Unit B
    Charleston, SC 29403

    3 BR | 3 BA | 1115 SF

    Type: Apartment
    Referring Agent: Patrick Bell, Dunes Properties

    Rent: $2,950


    Matt Azar - 45 Sycamore.jpg

    45 Sycamore Avenue, Unit 226
    Charleston, SC 29407

    2 BR | 2 BA | 1016 SF

    Type: Condo
    Referring Agent: Astrid McManus, Golden Bear Realty

    Rent: $1,500


    65 Jawol Drive
    Charleston, SC 29414

    4 BR | 2.5 BA | 1890 SF

    Type: House
    Referring Agent: Gus Bright, Akers Ellis

    Rent: $1,700


    Matt Azar - 2235 Backwater.JPG

    2235 Backwater Ct
    Charleston, SC 29412

    3 BR | 2.5 BA | 1600 SF

    Type: House
    Referring Agent: NA

    Rent: $1,800


    Matt Azar - 1504 Whitsun.JPG

    1504 Whitsun Ct.
    Mount Pleasant, SC 29464

    4 BR | 3 BA | 3000 SF

    Type: House
    Referring Agent: NA

    Rent: $2,800


    Matt Azar - 309 GunBoat.jpg

    309 Gunboat Lane
    Daniel Island, SC 29492

    5 BR | 4.5 BA | 3428 SF

    Type: House
    Referring Agent: Meryl Cromarty, Daniel Island Real Estate

    Rent: $4,000


    Matt Azar - 7026 Billberry.JPG

    7026 Billberry St
    Hanahan, SC 29410

    3 BR | 2.5 BA | 1768 SF

    Type: House
    Referring Agent: NA

    Rent: $1,650


    Matt Azar - 5007 Brownhare.jpg

    5007 Brownhare Court
    Summerville, SC 29485

    3 BR | 2.5 BA | 2300 SF

    Type: House
    Referring Agent: Brent Boatwright, Ashley Cooper Real Estate

    Rent: $1,650


    Matt Azar - 1083 Bennington.jpg

    1083 Bennington Drive
    North Charleston, SC 29492

    3 BR | 2.5 BA | 1645 SF

    Type: Townhouse
    Referring Agent: Glenda Thomas, ERA Wilder Realty

    Rent: $1,500


    Matt Azar - 222 Kelsey.jpg

    222 Kelsey Blvd
    North Charleston, SC 29492

    3 BR | 2.5 BA | 1600 SF

    Type: Townhouse
    Referring Agent: NA

    Rent: $1,500


    If you are an agent working with an owner in need of property management services, we have an Agent Referral Program. You will be rewarded for closed referrals. 

    What to Consider When Buying Rental Property in Charleston

    Investment Property in Charleston, SC

    Interested in purchasing investment property in Charleston? There are a number of reasons as to why rental property is preferable to flipping houses or more traditional investments (such as the stock market), and we recently touched on a few of those. And while real estate is one of the best investments you can make, it is important to shop around and crunch some numbers before taking the investment property plunge.

    Things to Consider When Buying Rental Property in Charleston

    1. Location – Students are not the only renters in Charleston. Consider transitional areas downtown and off the peninsula that are convenient to Boeing, local hospitals and other large employers. Good schools and public amenities should also be kept in mind. Increasing property values and rental rate trends are important factors in evaluating location. Need help calculating rental value? We can help! Click here to request a no-obligation rental analysis. 
    2. Size – A 1-3 bedroom property is easier to rent than a house with more than 3 bedrooms, and smaller properties ultimately promise a much higher return (more rent per room).
    3. Property Condition – Purchasing a well-maintained home will help you to avoid costly repairs down the road and may help to minimize vacancies. HVAC systems and roofs are among the most expensive and problematic maintenance issues. A professional home inspector will reveal whether or not a potential investment is up to snuff.
    4. Operating Expenses – You can accurately determine the value of a property (and ultimately how much you are willing to pay for it), but to do so, you need to fully understand your operating expenses (property taxes, insurance, property management services, maintenance and emergency repairs). A seemingly good real estate deal can leave you very little in rental income if operating expenses are not factored in.

    If you do purchase a rental property in Charleston, we hope that you will give us a call. We are confident in our ability to find a qualified tenant for your property. As such, our property management fees are deducted from rent collected. We do not charge management fees on unoccupied properties. Please take a moment to review all of our policies and frequently asked questions, and contact us when you are ready to learn more.

     

    Why Invest in Rental Property in Charleston?

    Buying Investment Property in Charleston, SC

    When it comes to investing your money, there are tons of options. Even within the realm of investment real estate, investors have the option to wholesale, flip or rent. We are, of course, partial to rental property, and here are a few reasons as to why… 

    1. Leverage – Real estate investments allow you to purchase with leverage (i.e. use borrowed money toward the purchase of the investment). You don’t need 100% of the purchase price on hand to make the investment as you would for stocks and other financial products.
    2. Predictable – High reward investments are often high risk. Even flipping property can be risky business. Rental property produces relatively predictable income, especially if it is in a desirable market like Charleston. Around 42 new residents are moving to Charleston every day.
    3. Possibilities – A rental property doesn’t have to stay a rental property forever. You can ultimately sell it, use it as a vacation home and/or make it your primary residence.
    4. Earnings Potential – In addition to rental income, rental property owners typically benefit from increasing property value and tax benefits (deductions, capital gains, exempt from self-employment/FICA tax, etc.).
    5. Freedom – Hiring a property manager frees you from the most time consuming aspects of being a landlord, and allows you to maintain control even if you can’t live near your rental property.

    Interested in purchasing rental property in Charleston?

    We are well connected to some of the area’s best real estate professionals and would be happy to make some recommendations. Contact us to learn more.

    2016 in Review

    2016 was an exciting year for the Charleston Home Rentals team! Our portfolio of rental properties has grown significantly, and we added two new staff members, Elena Stenina and Brooke Bachman to better serve the needs of our clients.

    Roaring Twenties Recognition

    Photo from Kim McManus/CharlestonBusiness.com

    Photo from Kim McManus/CharlestonBusiness.com

    Last fall, Charleston Homer Rentals was recognized by SC Biz News as one of the state's 20 Fastest Growing Small Companies. Our team had an opportunity to attend the Roaring Twenties awards ceremony in October, and we thoroughly enjoyed meeting other growth-focused business owners.

    Rental Market Expansion

    Our company has grown significantly in recent years, but so has the rental market. This presents opportunities for property managers and investment property owners alike. The Managing Partners of Charleston Home Rentals weighed in on industry growth in Post and Courier's December 2016 Real Estate insert.

     

     

    Agent Referral Program

    Much of our success in 2016 can be attributed to the relationships that we’ve formed with local real estate agents. 50% of new properties added to our portfolio last year came from real estate agent referrals, and we just released a new and improved Agent Referral Program as a way to say "thank you" in 2017.   

    We look forward to another exciting year! Stay tuned for company announcements and local rental market news.

    New Agent Referral Program

    charleston agent referral program

    The relationships that we have built with real estate agents in the Charleston area over the years are extremely important to us. We strive to be the obvious choice for real estate professionals who care about long-term client relationships. Our Agent Referral Program has been very well received, and we are taking it up a notch in the new year.

    Earn More When You Refer More

    Effective immediately, our Agent Referral Program will offer a cumulative referral fee. We have been paying $500 for vacant properties and $250 for occupied; however, the rewards will now increase as you continue referring property owners to Charleston Home Rentals...

    • Vacant Properties
      • $500 for the first owner
      • $600 for the second owner
      • $700 for the third owner
      • And, so on  
    • Occupied Properties
      • $250 for the first owner
      • $350 for the second owner
      • $450 for the third owner
      • And, so on  

    Rewards increase $100 for each new property owner referred during a calendar year. As always, you will get paid quickly for closed referrals.

    Managed Care

    Specialty companies make sure owners’ rental properties in tip-top shape

    Screen Shot 2016-12-30 at 11.28.25 AM.png

    Some people prefer to rent before deciding when and where they want to buy a home, while others simply aren’t ready to take on the commitment that goes with a 15 or 30 year loan. For these reasons–and because the tri-county continues to attract new residents at an ever-increasing rate–the rental market in the Charleston area remains strong.

    “We’re seeing a little bit of slowness in the market right now because the prime rental season is May through August and also because of the huge amount of new construction in the area,” says Jeannie Champlin of Oyster Creek Properties.“It will pick up again in April and May.” Champlin, who has been in the business for 22 years, manages around 75 long-term rental properties in Mount Pleasant, downtown Charleston, West Ashley and the beach communities. She says most of her clients live outside the Lowcountry and hire her to handle everything from locating potential tenants, collecting the rent and taking care of repairs and maintenance to bookkeeping and accounting.

    Though the collapse of the housing market in 2007 and 2008 was bad news for many people in the Lowcountry, it was a breath of fresh air for the rental market, Champlin remarks. She points out that there was a huge demand for rental property and, as a result, a spike in rental rates because some people had lost their homes and couldn’t purchase new ones.

    “We were able to get $400 to $500 more per month, and people were willing to pay it,” she comments.“They still had jobs and money, but they were unable to buy at the time.”

    Matt Azar, who has been in the property management business for a decade, is bullish on the Charleston rental market as well. Charleston Home Rentals manages approximately 600 single-family homes, apartments, duplexes, townhouses and condominiums in Charleston, Berkeley and Dorchester counties.

    “The rental market is very strong and has been for several years,” says Azar.

    “The masses moving to Charleston need places to rent before they decide to buy, and millennials prefer to rent. They aren’t interested in owning.”

    He says many of his clients are out-of towners who bought property in the Charleston area for investment purposes, while others lived in the Lowcountry and left, in many cases because they accepted a job elsewhere. They might be returning, however. “They became accidental landlords. Maybe they had to move to Atlanta, but they might want to move back, so they rent their home out while they’re gone,” Azar explains.

    Gary Rackley, of AAA Property Management, handles residential properties, approximately 35 single-family dwellings in the tri-county area, mostly for out-of-town investors. All his properties are leased for at least a year. His renters include people relocating to the Lowcountry, both military personnel and employees of private companies. He also manages a few properties in downtown Charleston that he rents to college students. “They are a small piece of our business,” he says.

    According to Azar, his company’s biggest challenge is to continue to grow while providing its clients with the best service possible. He points out the obvious: the more properties the company manages, the more money the company makes. He adds, however, that“finding good tenants is a challenge. “We want to approve only the most qualified candidates,” he says.“We do a background check, and, if it shows eviction history or a criminal record, we can’t rent to them.” Rackley agrees that finding the right tenants for his clients’ properties can be a challenge. “We have to make sure we are acquiring tenants who are going to respect the property and take proper care of it. We have a rigorous screening process,” he says. Champlin has a similar outlook, citing the biggest hurdles she must overcome as working with different personalities and finding “qualified residents who respect and take care of the property.” Both Champlin and Azar insist that it’s critical for property owners to hire a professional property manager to help find tenants and look after the rental. “Locating a qualified tenant is important,” Champlin says.“It can be very costly if the tenant doesn’t pay his rent on time and the owner has to go through the eviction process. And if the renter causes damage to the property, the owner has to file in small claims court to get reimbursed. This can cause big headaches for me and the property owner.”

    Champlin, Azar and Rackley all agree that the future of the rental market in the Charleston area is bright, mostly because they predict people will continue to relocate to the Lowcountry to enjoy the weather and proximity to the Atlantic Ocean. “Charleston is a very special place,” Azar says.“The city is so great, and it keeps getting better and will continue to attract more people.” 

    Local Property Management Company Navigates The Rental Property Boom

    As more and more people move to Charleston, the demand for housing increases. Much of that demand is coming from millennials who are seeking education and job opportunities in the Holy City. This younger demographic is transient in nature. Many have not found long-term career stability and/or do not have children enrolled in the local school system. Both are factors in housing decisions, so as the millennial population increases the local rental market expands. Increasing rental demand has driven up rental prices, and supply is increasing exponentially to keep up with the influx of new residents.

    The property management professionals at Charleston Home Rentals serve investment property owners (the suppliers) and tenants (the source of the growing rental demand). As such, they have a unique understanding of rental supply and demand and how fluctuations affect the leasing process… “The rental supply has increased dramatically over the past year. We have several existing clients [investment property owners] who have added new properties to their portfolios. Demand s'll exceeds supply, but advertising is definitely getting more creative. Property managers need to be more attentive and proactive in order to retain tenants over time, and incentivized lease renewals have become an industry standard.” – Matt Manaker, Managing Partner at Charleston Home Rentals The management team at Charleston Home Rentals reports that they are providing more tailored leasing and property management services to existing clients, but the company has also gained a lot of new business as well. The company has nearly doubled its porfolio over the past two years, and at least 70% of these new additions are brand new clients who have been referred by local real estate agents like Dave Friedman…

    “I met the Charleston Home Rentals team a few years ago and began referring them business right away. My agency exclusively serves residential buyers and sellers, and the more we can focus on one specific thing, the better we can be at what we do. Charleston Home Rentals has the same philosophy, and they offer a great value… We’re all doing the best we can for our clients. Sometimes homeowners are upside down in a home or just want more money than the current market can bear. Renting is a good option for those folks, and I’m happy to refer them to Matt Manaker and the Azars [Managing Partners of CHR]. I know they [the management team] will send my clients back to me when they are ready to sell.”–Dave Friedman, Realtor at Keller Williams

    Friedman has also ventured into investment property personally, but he stays true to his “focus-on-one-thing” philosophy and lets CHR handle the leasing… “I’m now a Charleston Home Rentals client myself. I own properties on Johns Island and downtown.” More rental properties are coming onto the market every day. Richard Star and his investment partners purchased property in downtown Charleston last year and launched 9 new units including brand new construction and renovated buildings. “When we completed our apartments, we considered several options for property management, including self-management. It was clear after speaking with Matt that they were experts in the field… It would not have been possible for us to duplicate what Charleston Home Rentals is able to deliver, and we look forward to a long and prosperous relationship.”–Richard Star, Property Owner

    The rental market boom is a phenomenal opportunity for property owners and property managers alike, and it is helping companies like Charleston Home Rentals to create jobs and wealth on a local level… “We’ve grown from a team of 6 to a team of 10 over the past two years, and the number of properties that we manage has doubled. The magnitude of that hit home earlier this year when we were recognized as one of the 20 fastest growing companies in South Carolina.”–Matt Azar, Managing Partner at Charleston Home Rentals The rental market is more competitive than ever before, and it is important that property management companies rise to the occasion… “Our recent growth is validation that we are delivering quality service at a fair price, but the competitive nature of the industry challenges us to explore how we might better serve tenants and property owners in the future.”–Matt Manaker, Managing Partner at Charleston Home Rentals

    You can reach the Managing Partners at Charleston Home Rentals by calling 843.795.0600 or by emailing Info@ BeHappyRenting.com.

    Realtor.com® Forecasts Hottest Fall Housing Market in 10 Years

    On the heels of a summer home-buying season marked by record demand and sky-high prices, the residential real estate market is shaping up for its hottest fall in a decade, according to new monthly data on inventory and demand on realtor.com®. Homes for sale in September are moving 4 percent more quickly than last year as prices continue to hit new highs.

    The median age of listings on realtor.com®—an indication of market inventory—in September is expected to be 77 days, three days less than one year ago. That is five days more than last month, a change which reflects the housing market’s typical seasonal slowdown as summer ends and schools resume. Total inventory remains considerably lower than a year ago, with less than 450,000 new listings entering the market in September.

    The median home was listed for $250,000, 9 percent more than a year ago and unchanged from last month. That continues this year’s record-setting trend and marks a new high for September.

    “House hunters who were shut out this summer because of fierce competition could fare better this fall, with more opportunities to buy and mortgage rates still near all-time lows,” says Jonathan Smoke, realtor.com® chief economist. “But don’t expect bargains—prices haven’t come down from this summer’s record highs. Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”

    Key Statistics:

    • Median age of inventory in September is expected to be 77 days, down 4percent from September 2015 and up 7 percent from last month.
    • Median listing price for September should reach $250,000, matching last month’s record high and increasing 9 percent over this time last year.
    • Listing inventory in September should show a 2 percent decrease over August. Additionally, inventory should still show a decrease of 9 percent year-over-year.

    Finding a Family-Friendly Rental in Charleston

    Family Friendly Rental

    When it comes to finding a family-friendly rental, safety is important, but it certainly isn’t the only deciding factor. Whether you are new to the area or just moving across town, here are a few other things that you may want to think about...

    1. Location

    Is your prospective rental close to your work place, grocery stores and schools? Verify school zones with the Charleston County School District, and check school report cards. You may want to practice your commute (to/from school and work). Some areas are more prone to congestion than others. 

    2. Laundry

    Families produce a lot of laundry. Do you own your own units? If so, verify that your potential rental has connections, and measure to make sure that your machines will fit. If you do not have your own machine, look for properties that have one already in the unit or available for lease. 

    3. Storage

    Does your prospective rental have adequate storage? Think outside of the bedroom closet. Coat closets, outdoor closets, garage space and/or attic space can make a rental much more comfortable for you and your family. 

    4. Indoor Space

    You have probably already decided how many bedrooms your family needs, but consider space for company as well. Will extended family be visiting? If so, will they be staying with you? An extra bedroom or spare room that can double as office/guest space may be important. 

    5. Outdoor Space

    Space to play is important if you have children. Look for rentals that have safe porches, balconies or yards. If the rental has limited outdoor space, explore the neighborhood for playgrounds and parks.  

    6. Safety and Security

    Before you sign a lease, introduce yourself to the neighbors. Make sure they are the type of people you want to be living around long-term. Check windows and stairs as well. Narrow, hardwood stairways can be a hazard for small children. Windows without a locking mechanism can also be dangerous. 

    7. Other Logistics

    Do you have small children? Lugging strollers up and down stairs isn’t ideal. Look for ground level units (or at least a ground level entry). For condos, verify that an elevator is available and in good working order.  

    Be Happy Renting

    If you are searching for a family-friendly rental in the Charleston area, please contact us to learn more about desirable neighborhoods and available listings.