Known for its seemingly endless amount of charm, history, and constant hustle, Charleston is more than your next flip and fix opportunity. This South Carolina city has held a thriving housing market for longer than a century and is constantly learning to combine history with modern appeal. From being a vacation hotspot to growing by 18.5% in population in the span of 2 years, the city is reminiscent of historical turning points as well as new growth. The Charleston real estate market presents investors with valuable opportunities.
Founded in 1670, Charleston is defined by its charm that previews historical foundations. Stroll down cobblestone streets, take a horse-drawn carriage ride at sunset, or explore the French Quarter. The city was once dubbed as “the holy city” due to being the home of 400+ churches. Currently, around 135,000 people reside in the beautiful Charleston area. It’s ranked as the 24th best place in the country for business and careers by Forbes. The city sits comfortably on the water with everything from beachfront property to metropolitan modern designs. It truly is one of the most craved residential cities as well as vacation hotspots.
WHAT MAKES THE CHARLESTON REAL ESTATE MARKET INVESTMENT WORTHY?
Charleston’s dream-worthy scenery calls for a surplus of diversity. Investors love the city so much for its wide variety as a top market area for Airbnb property as well as for the consistent increase in rental opportunities. Due to the strong economy of this South Carolina city, it’s easy to find well-qualified tenants, whether it be long-term or short-term.
Statistics show that 46% of the Charleston population, which is around 60,000 people, is filled with renters that pay an average monthly rent of $2100-$2300. One consistency for investment property in the historical city is that there are always job opportunities bringing in new population. In 2020, rent in Charleston increased by roughly 6%, making it easy to see a quicker ROI.
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BEST AREAS TO BUY INVESTMENT PROPERTY IN CHARLESTON
While there is a surplus of great neighborhoods in the Charleston area, some are justifiably better for managing investment property. After all, location is everything when it comes to investing in a home. One easily expected area for great investment property is Downtown Charleston. The location is often home to locals that have recently graduated from college or are still working on their degree. It also brings in tourists year-round for the hidden alleyways, gorgeous architecture, and historical views.
Other great areas for Charleston real estate investment property include, but are not limited to:
- Mount Pleasant – Located between downtown and Sullivan’s Island. This area is known for having some of the best schools in the area and its award-winning recreational programs.
- Stiles Point – The foundation of antebellum architecture with constant upgrades to modernize the area. It’s a staple in the Charleston area and is home to one of the most well-known plantations in the city.
- Goose Creek – High in demand for its family-oriented style, the area is always thriving. It was last estimated to be home to 36,000 residents and continues to be a vacationing spot for many.
Charleston has a variety of unique neighborhoods that make it easy for rental properties to pay for themselves and then some. If you’re looking to invest in the cozy yet fun-filled city, contact us today for all of your funding and loan needs. Our team of experts understands the constant changes of the market, and we monitor the top cities nationwide to bring you the best flip and fix opportunities year-round. We look forward to working with you on your next investment during the hottest market in decades.