Finding the perfect rental home can be quite difficult in cities that are iconic tourist destinations. Air BnB has been expanding rapidly and property owners with rental homes are starting to market to short term rentals rather than long term family housing. Sometimes however, this kind of renting is not sustainable because you are never guaranteed that someone will choose your home for their stay and you are also taking a new risk with each different person that you are trusting to stay in your rental homes. Charleston is still full of residents that need long term living arrangements for their family.
Knowing your Market
Charleston has a diverse population of just over 130 thousand people however, the entire Charleston region is hearing 750,000. Millennials make up a large chunk of Charleston with the median age being 36. The population is growing quickly with 34 new people moving to the area daily. This means there are new opportunities every day to secure a great long-term rental for your property. The average household income is around $70k per year which means that many families are in a financial position to rent, rather than buy in many cases.
The best way to ensure that your long-term rental homes in Charleston are never vacant is to practice good resident retention. Making sure that maintenance issues are taken care of in a timely manner, being available and reachable for your renters, keeping the property up to date and letting your renters know that they are appreciated. Property owners that are professional and knowledgeable always have better resident retention than those who aren’t. When you find a great renter, you want to make sure they stick with you.
Renting your property can be hard, but there are always people looking for rental homes. Charleston is a quickly expanding city that is changing with each generation, Scott Properties can offer property management that is up to date on all the market trends to ensure your property is rented long-term.