If you haven’t considered investing in Charleston, South Carolina real estate, you might want to consider the benefits it can provide your real estate portfolio. Charleston is an outstanding place to visit, live, and invest. Local rental property owners understand the advantages the local market offer, and out-of-state investors are increasingly realizing there’s money to be made in Charleston homes.
Whether you’re new to investing or full of experience and ideas, we want to tell you some of the reasons why you should invest in a Charleston rental property.
Charleston’s Economy is Strong and Growing
Many major corporations have recently set up offices in Charleston. Good jobs are available with companies like Boeing, Volvo, and even Google. The Medical University of South Carolina continues to hire highly skilled people, and industries like healthcare, technology, and education are well-represented in this market.
The strong economy leads to a pool of well-qualified tenants who are looking for attractive, well-maintained homes in desirable neighborhoods. Charleston is also emerging as a growing retirement destination, and many older adults don’t want to buy another home; they want to rent.
Charleston Investment Homes are Affordable
Entering the real estate market in other east coast cities like New York, Washington, D.C., and Boston can be nearly impossible without a lot of cash. Even Atlanta can be a challenge if you don’t have great financing in order. But in Charleston, you don’t need a nest egg to buy a property. You can find homes for low prices in great neighborhoods, and it’s encouraging to investors who are careful with their budgets.
Cash flow is possible in Charleston almost right away. You can find excellent investment properties for low six figures. You can spend a little more on a single-family home in neighborhoods that have great schools, or you can save by buying a duplex that’s close to commuter routes and shopping. All you have to do is decide what you want to buy, and you won’t have a hard time finding it at a reasonable price.
Rental Prices are Rising and Tenants Can Afford Them
The rental value of your Charleston investment property is likely to rise from year to year. The average rent range is between $1,200 and $1,500. In many neighborhoods, properties can rent for a little more, and if you’re willing to make updates and upgrades, you’ll probably find tenants who are willing to pay a premium for the rental home you’re providing. Investors can easily profit off of the homes they buy here. You should be able to pay your mortgage, taxes, insurance, and other expenses and still earn some cash every month.
Professional Property Management in Charleston
You don’t have to manage the real estate investing process alone. There’s some great property management in Charleston, and it’s innovative and flexible. Working with a professional property manager, you can identify the right rental opportunity for this market. You can also rely on lower expenses when it comes to vacancy, maintenance, and turnover. Good property managers understand the law and the industry best practices. You can be sure you’ll have a pleasant and successful investment experience.
We’d love to tell you more about the investment opportunities in our city. Please contact us at Charleston Home Rentals.