When you are investing in rental properties or starting a Charleston property company, you’re most concerned with how to have the most successful rental property possible. How can you make sure your property is always rented out and taken great care of so that you make the most profits? These are the number one thing you are thinking about when making a purchasing decision on a home.
Once you start shopping, make sure that the rental properties you are interested in have these top features and you’ll be set up for success.
- Great Neighborhood- The most successful rental properties are found in the best Charleston neighborhoods where the standard of living is high, but the cost of living is lower. If you plan to rent to students, make sure you are near campuses. If you plan to market to families, make sure you are in the best school district. If you want to rent to young professionals, make sure you are near the business district or downtown.
- Crime- Invest in homes where the crime rate is low. You’ll get the best rental value and have an easier time selling for a great price if you ever offload your portfolio.
- Amenities in the Neighborhood- Charleston neighborhoods are exceptionally large, so when starting your Charleston property company, you should look for homes where there are great amenities within walking distance such as parks, gas stations, grocery stores, entertainment and more if you are trying to attract families. Depending on your target demographics, the amenities might change, but these amenities will attract the right tenants.
- Average Rent- A Charleston property company will do a lot of market research into the average rental rates of a neighborhood to ensure they will make the best return on investment when comparing the monthly mortgage to the rent.
One trick to knowing if a neighborhood is worth investing in for rental property is to check out home many vacancies are currently in the area. Homes that sit empty for extended periods of time are indicators of an undesirable area.
If you’re ready to hand the reins of your Charleston property company to an experience property manager that can take your investment to the next level, call Scott Properties at 843-790-4929.