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.