By Contributing Author
South Carolina is regarded as one of the most affordable and rewarding places for property investment in the USA. As the South Carolinian real estate scenario is not as glamorous or expensive as Washington or New York, it becomes more attractive to new investors. With a median property price of $323k, you can have a rental income of $1248 on average in South Carolina. The naturally adorned cities with the spectacular shoreline running alongside the state and the high mountain ranges add to the appeal. If you want to invest in a rental property in South Carolina, you have many attractive options. Whether it is a beachfront property, a suburban house, or a downtown apartment designed for college students, you will never regret a rental property investment in South Carolina.
Here we have listed some of the most demanding places in South Carolina, where you can consider your next rental property investment.
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Myrtle Beach
Sunny Myrtle Beach comes with a miles-long sandy beach, green golf courses, endless entertainment, and southern hospitality, all wrapped up in one. This popular travel destination will be the most suitable place for you to invest in rental property. With the picturesque shoreline, ample entertainment, fine dining, and vibrant nightlife, Myrtle Beach is the perfect spring break destination. With a 7.1% increase in home value per annum, Myrtle Beach has all the more potential to grow as a powerful economic and entertainment hub.
Columbia
The capital of South Carolina, Columbia, is the ideal city for families, singles, and students. The demand for rental property is always high in Columbia; being a college city, students occupy most rental properties. With a budget-friendly home price of 165k on average, you don’t have to break the bank to buy a house in Columbia. Columbia presents a competitive property investment scenario with a 5.6% home value increase rate -grab yours fast if you don’t want to lose that opportunity.
Charleston
With cobblestone streets and old nostalgia, Charleston has history wrapped up in its every corner. The mind-blowing historic architecture only intensifies its appeal to travelers. Millennials and retirees are equally drawn to Charleston for its low tax rate, moderate sales tax, and good employment opportunity. With luxury waterfront condos on one side and dense apartment areas on the other side, the property price at Charleston is a little above the average.
However, Charleston’s property prices are nowhere near New York or Boston; you can afford to buy a property well within a six-figure amount. With a booming economy, you can expect to get your money’s worth if you decide to buy a property in Charleston.
Greenville
With a median property value of $398,175, Greenville can be a wise property investment option for you. The rapidly growing economy and relatively inexpensive living costs make Greenville an attractive choice for home renters and buyers. Greenville also offers great neighborhood areas, ample employment opportunities, shopping, and culinary experiences that are hard to ignore. With a vibrant cultural and entertainment scenario, and east Carolinian vibe, Greenville is also a great travel destination.
Property investment in neighborhoods like City view, Judson, Sterling, and the southern side can provide you with a reasonable investment return. As most of the residents at Greenville are renters, you will not regret investing in a rental property here.
Spartanburg
Spartanburg is both a historic and cosmopolitan city. It also has the classic college city vibe along with an industrial touch. College students, young professionals, and business owners equally rank this place high on their demand list. A maiden property value of $162k and an increased rate of nearly 9% make it ideal for property investors as well.
Spartanburg rental properties are in high demand with students; an average lead of 233 per property certainly proves that claim. With the tremendous economic upswing, you can expect that the rent price will never go below $840 in Spartanburg.
Sumter
This sleepy small town in South Carolina offers some of the most inexpensive properties in the state. With a median property value of $83300, you can expect to get a suitable property in a secured neighborhood, well within your reach. Sumter’s low property price has grabbed realtors’ attention, and prices are expected to increase by 9% in the upcoming year. This growing city has quality neighborhoods with a rising household income and plenty of entertainment opportunities.
The growing employment opportunity and relatively small scale community make Sumter a smart choice for millennials and new homeowners. With more than half of the residents renting in Sumter, you can be sure that investing in rental property here will never be a mistake.
Forest Acres
Forest Acres is the best Airbnb city in South Carolina, with many investors buying Airbnb rental properties. With a maiden property value of $227k, the house price in Forest Acres is well below the state average. The inexpensive living cost and small-scale of the community make Forest Acres an ideal place for renters. A rental income of $ 2065, which is relatively good from other cities at Forest Acres, makes for a lucrative investment proposition.
On a final note, deciding on rental property investment is not an easy feat. When it is in a demanding and lucrative place like South Carolina, it becomes all the more overwhelming. This underrated real estate scene has so many options to consider; it might take some time to compare all of them and make a decision. However, we hope this list of South Carolina investment opportunities will help you decide on your next rental property investment. If you are still contemplating your decision, consider talking to a real estate agent to get some directions.
