South Carolina is regarded as one of the USA’s most cost-effective and lucrative locations for property investment. Because the South Carolinian real estate scenario isn’t as glamorous and expensive as Washington or New York, it becomes more attractive for brand new investors. With the median value of $323k, you can make an average rental of $148 a year for South Carolina. The beautiful cities that are naturally embellished with stunning coastlines which run throughout the state, as well as the mountains which rise to the top, create South Carolina a desirable place to reside. You have numerous options if you’re seeking to purchase a rental market in South Carolina. If you’re looking for an oceanfront house, suburban property, or a downtown condo for college students, you’ll never regret your investment in rental properties within South Carolina.
We’ve listed some of the top-rated areas in South Carolina where you might want to consider making the next property that you let out as a rent-to-own investment.
Sunny Myrtle Beach comes with an extensive beach, with miles of beach and golf courses that are green. It also has an endless amount of entertainment and southern hospitality in one. The well-known destination for travel is bound to be the perfect spot for acquiring a rental home. With its beautiful beaches, numerous entertainment options, stylish dining options and vibrant nightlife, Myrtle Beach is ideal for spring break. With the possibility of seeing a 7.1 per cent increase in house price per year, Myrtle Beach has all the potential to grow into an exciting entertainment and business centre.
The capital of South Carolina, Columbia, is the ideal city for families, singles and students. Renting homes is always high in Columbia because it is one of the cities that is a college town and is a friendly city for students and the majority of renters are houses are student-friendly. With a home with a modest cost of just 165k, there’s no need to break your budget when you purchase an apartment within Columbia. Columbia offers an attractive real estate investment choice that offers a 5.6 per cent rise in the value of home prices. Make sure to purchase your property now to ensure you don’t miss this chance.
The cobblestone-paved streets of Charleston have an old-fashioned vibe; Charleston has history wrapped around every corner. The fantastic architectural heritage of the city is a draw to visitors. The millennials, as well as retirees, are attracted to Charleston because of its meagre tax rates, as well as its low sales tax and the chance of getting a job. With luxury waterfront condos on the one hand and sprawling apartment buildings on the other, the cost of living in Charleston is only a little bit more expensive than average.
But Charleston’s property prices aren’t as high compared to New York or Boston; you can afford properties within the six-figure price range. In a growing economy, getting the most out of your investment when purchasing an apartment in Charleston is possible.
With the median price for homes that is 39817 dollars, Greenville could be a wise investment for you. A rapidly growing economy and an affordable cost of living make Greenville an attractive choice for renters and buyers. Greenville has communities with excellent facilities, many employment opportunities, and eating and shopping options which are hard to overlook. Greenville is also a fantastic travel destination with vibrant entertainment and cultural scene and an East Carolinian fashion.
Property investment opportunities in neighbourhoods like City View, Judson, Sterling and the southern portion of the city may give you an acceptable return on investment. Because most residents in Greenville rent their homes, you’ll never regret purchasing an investment property that’s let out.
Spartanburg is a historical and modern city. It has the traditional college town feel and a touch of industrial. Young professionals, college students, and business owners consider this area their priority. The property’s initial price of $162k, as well as the increase of nearly 9 per cent, makes it an excellent choice for investors in property too.
Spartanburg rentals are popular with students. An average of 233 for each property is a strong indication of that. Because of the enormous economic expansion, the rent is expected to never fall below the $840 threshold in Spartanburg.
The tiny, sleepy city in South Carolina offers some of the most affordable houses in the United States. With a median price of $83300, you are sure to find an affordable property in a safe area within your price range. The low price of properties in Sumter has caught the eye of real estate agents, and the price is expected to increase by 9 per cent in the next 12 months. The city is expanding and has fantastic areas generating more household income and plenty of entertainment choices.
Opportunities for employment growth and the relatively small-scale town, the increasing employment opportunities, and the smaller-scale community make Sumter the perfect choice for young homeowners starting their careers. With over half of the population living at Sumter, it is sure that investing in a property in the region is not an unwise choice.
Forest Acres is the most popular Airbnb-friendly area in South Carolina, with many investors investing in rentals through Airbnb. With the first-time property costing $227k, the cost of living for homes at Forest Acres is well below the standard for the state. The affordable cost of living and the town’s tiny size makes Forest Acres an ideal place for renters. In addition, the rental yield of 2065 dollars, which can be relatively more compared to other cities in the vicinity of Forest Acres, makes an investment opportunity profitable.
Finally, choosing a rental property for investments isn’t a simple task. It becomes challenging if you reside in a highly profitable and competitive region like South Carolina. The market for real estate is often undervalued and provides an array of possibilities to consider. It could take a period to analyze the different possibilities and make well-informed decisions. However, we hope that this checklist on South Carolina investment opportunities will assist you in making your choice on which rental property is the new decision. Should you be considering the options available, you may need to consult an agent to get some suggestions.