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South Carolina: The Palmetto State
South Carolina has an estimated population of 5,124,712 residents. Columbia serves as the state capital, while Charleston is the largest city. South Carolina is known for its historic sites and beautiful scenery, particularly of the Blue Ridge Mountains.
South Carolina also has a thriving arts and culture scene. There are numerous museums in the state, such as the Gibbes Museum of Art, the Greenville County Museum of Art, the South Carolina State Museum, and the Columbia Museum of Art. There are also many performing arts venues here, such as the Peace Center, the Newberry Opera House, and the Koger Center for the Arts. The Spoleto Festival USA, one of the largest performing arts festivals in the country, also takes place in South Carolina.
Colleges and universities located here include the University of South Carolina, Furman University, Clemson University, and the College of Charleston. Other notable attractions include the Congaree National Park, the Fort Sumter National Monument, Brookgreen Gardens, the Magnolia Plantation and Gardens, Broadway at the Beach, and Huntington Beach State Park.
How Is South Carolina's Rental Market?
South Carolina has a thriving rental market. While home prices have risen over the years, even amid the pandemic, the Palmetto State still has a relatively low price of entry. The
median sale price for a home in this state is $297,000, indicating a 16.5% year-over-year change. There are also numerous renters here, with 30.6% of the state's residents renting their homes.
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As for rental rates, the median rent in 2019 was $922. This means landlords can stand to earn decent returns in South Carolina. Rent has also been steadily growing since 2017.
Image via deptofnumbers.com
Additionally, South Carolina is known to be a landlord-friendly state. Due to comparatively more flexible eviction laws and more power to set rental prices, the Palmetto State makes for a favorable environment for landlords.
Perhaps the only downside to the South Carolina rental market, though, is its high vacancy rate. In 2019, the vacancy rate was 9.13%. While this is higher than 2019's national vacancy rate of 5.97%, it is still lower than 2018's state vacancy rate of 9.99%.
Why You Need South Carolina Property Management Services
It is easy to see that South Carolina has an attractive rental market. With a wide pool of renters and relatively high rental prices, it is understandable that property investors continue to head to the Palmetto State. However, a big problem many landlords face usually has to do with hands-on management.
This is where a South Carolina rental management company can step in to help.
A professional management firm provides services that would make the lives of landlords much easier. While not all companies offer the same solutions, they generally include the following:
- Rental property advertising
- Tenant screening
- Rent collection
- Lease preparation and enforcement
- Property inspections
- Maintenance and repairs management
- Tenant retention and management
- Eviction proceedings
- Budget management
- Tax assistance
On the Hunt for Property Management in South Carolina?
Are you looking for a South Carolina property management company to help your rental home run smoothly? Rental Choice contains a database of the nation's most trusted property management companies and vendors.
By using your zip code or selecting your city and state, you can find qualified property management companies and other service providers in your area. Start your search today with the help of our online directory!
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