Charleston is the largest city in the state of South Carolina with more than 135 thousand people living in it. It has a long and rich history, and this city is one of the hottest markets in terms of rental properties. The official data show that some 45% of people rent their living space here. That is why many investors decide to invest in Charleston, SC rental property nowadays. If you are thinking of taking a page out of their book, maybe we can help you choose the best area to put your money in.
Why people choose Charleston
As we have already mentioned, some 60,000 people rent their living space in Charleston. This means that the city is a haven for rental owners.
Here are some other reasons why settling down in South Carolina is a great choice:
● Charleston is pretty safe, which makes it great for families. But that is not all - lower crime rate is also something that students, retirees, millennials and basically everybody is attracted to.
● South Carolina has favorable tax conditions - tax rates per capita are among the lowest in the entire country.
● There are many benefits retirees can enjoy in Charleston - retirement income deductions, state tax exemption, and moderate sales tax are just some of them.
● Millennials and young professionals love Charleston for not being too busy while having a stable job market and many entertainment options.
Why you should invest in Charleston, SC rental property
The median home value in Charleston is a bit below $270,000 which is relatively affordable for potential investors.
Such prices are not here to stay for long, that is for sure! The quality of life in the city is high while the cost of living is still low despite the rents rising. All of that indicates that the return of investment can only grow. The growing job market and a stable economy prove that such a positive climate cannot change over night.
Now, let's take a look at the neighborhoods that are popular for investing in rental property.
Naturally, the city center is one of the best neighborhoods for investing in Charleston. This part of the city is bordered by Cooper and Ashley Rivers. By the way, Downtown Charleston is also known as the Peninsula. The area is not so big, so it is easily walkable. And it's bike-friendly! The cobblestone streets and hidden alleyways give Downtown that special charm. The population of this part of the city is varied.
Due to the proximity to the College of Charleston, many students are looking to rent a place in the city center. However, those places might be above their price range, so the neighborhoods nearby prove to be a great choice as well. That also means that they are a good option for investing in rental property. But there's only so much physical land on the Peninsula so you need to be quick when you see that "For sale" sign. As soon as you close the deal, you should check whether our friends from movingkingsnc.com are available to help you take out the old furniture from your new rental and bring in whatever is necessary.
Mount Pleasant is one of the fastest-growing Charleston areas. It doubled its population in the first ten years of this century. Naturally, that means the number of rental properties had to grow just like their prices. Mount Pleasant has a very convenient location for commuters who work in Downtown Charleston. The two places are connected by the Ravenel Bridge.
You should also consider buying rental property in Summerville if you would like to invest in Charleston real estate. The place offers a quick commute since it is located along I-26. Potential renters would be the workers from Volvo, Boeing, and Google. Summerville is also great for families since it has some great school districts and hospitals.
The location of James Island is just perfect for pretty much everything. Whether you are looking for the downtown or the beach - you have it all here. There are plenty more reasons why this neighborhood will never go out of style and the quality of its houses is just one of them. This is the area with one-story brick houses of outstanding quality. Most of them have three bedrooms and two bathrooms. These features are on top of the list for many renters. Their interiors are just as durable as their exteriors. That means fewer maintenance costs which is great for you as an investor. On the other hand, you will have to prepare a considerable amount of money so that you can call that property with brick exterior and hardwood floors yours.
Goose Creek is an area that will always be in demand which makes it perfect for investing in rental property. Some 36,000 people live in Goose Creek and this is one of the most popular destinations for families
Daniel Island is situated between Cooper and Wando Rivers. Not so long ago, the area was used for farming and hunting. Nowadays, Daniel Island has 10,000 residents who enjoy the vicinity of both Downtown Charleston and the airport. Imagine you knew what this place was going to become just a quarter of a century ago! Buying a property here is still a lucrative investment since the number of new citizens continues to rise.
Those were some of the areas you should consider if you are planning to invest in Charleston. Bear in mind that the property prices are rising as you read this article, so be quick to do your research. Good luck with your plan to invest in Charleston, SC rental property!