The Charleston real estate market offers some incredible opportunities for investors who want to purchase rental properties. With the growing economy and increasing population, you’ll have access to a stable and responsible tenant pool and a lot of potential to earn high rents on well-maintained homes.
Many buyers ask us where they should focus their searches in Charleston. We have identified a few specific neighborhoods that offer great rental properties, whether you’re buying your first investment home or contributing additional assets to a growing portfolio.
Investment Properties in Downtown Charleston
Consider buying investment properties in Charleston’s thriving downtown area, which is right on the banks of the Ashley River and the Cooper River. You’ll easily attract college students who want to live with roommates, millennial renters who are looking for walkable neighborhoods with great restaurants, shopping, and culture, as well as retiring adults who want to stay active and rent a low-maintenance home that’s close to everything the city has to offer.
The historic downtown area has a number of multi-family properties and condos available to owners who want to see the value of their assets increase and their tenant population surge.
Investment Properties in Suburban Charleston Neighborhoods
For investors who would prefer not to buy and rent homes in the downtown district, there are plenty of attractive opportunities outside of the city. When you’re investing in suburban properties, you want to make sure you’re buying something in a good school district, with easy access to work and school. Look for homes in appealing neighborhoods that are close to highways and commuter routes.
One good example is the Summerville community. This neighborhood not only has some of the best schools in the area, it’s also close to major employers such as Volvo and Boeing. It’s also close to hospitals and shopping. All of your tenants’ daily conveniences will be a short drive away.
Charleston Investment Property: What to Look for and What to Avoid
Excellent investment options exist throughout Charleston, from the waterfront to the city to the suburbs. Real estate investors can expect to earn consistent rental income while they have good tenants in place preserving the condition of their property.
Don’t be tempted to buy homes that need a lot of work. Not only will you have to invest money in making repairs and renovations, you’ll also delay the leasing process and collection of rent. Find a property that may need a bit of cosmetic work but is otherwise ready for tenants to move in.
Always talk to a Charleston property management company before you buy an investment home. You want to get an idea of what the home will rent for, how long it will take to find a tenant, and what kind of maintenance and repairs you can expect.
Finally, remember that you’re not shopping for a home that you’re going to occupy. While you might insist upon granite counters and large yards when you’re buying your own home, purchasing an investment property requires you to look for different things. Location, however, is still incredibly important.
Please contact us at Charleston Home Rentals for more information about buying rental properties in and around Charleston.