Charleston Home Rental Rates Among Highest in the U.S.
According to a recent article published by the Charleston Post and Courier and by Rent Range, the Charleston Metro Area Market came in 11th highest in the United States as compared to the same period a year ago. Charleston ranked in the top 25 metropolitan markets based on the average rent increases.
The average rents increased by over 10% in the fourth quarter of 2015 as compared the the prior year. According to the article, single family home ownership is continuing to decline among most age groups as more of the population migrates toward renting. Millenials typicaly are challenged with having the down payments and incomes to meet mortgage requirements, and often enjoy the freedom of being able to pick up and move when they desire, or experience a change in lifstyle requirements. In addition, many seniors are turning to rental housing when they have sold their homes and moved to retirement areas and are unwilling to face another economic downturn with loss of equity as happened in 2008 to 2011.
The increases in rental housing demand and rising rent rates bode well for investors as long term forecast for rentals continues to be bullish. Charleston Metro Homes Real Estate specilizes in assisting investors in the purchase and long-term property management of investment rental properties.
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