Investors who are looking to buy property and lease out for a while before cashing in on anticipated appreciation will first look at the avg. cost to rent in the area of interest. All expenses including mortgage, 6% property tax, higher cost of insurance, and HOA/regime fees are all factored when determining how much rent to charge tenants. Here is a list of avg. $/sf that investors can expect to receive. The low inventory of rental properties coupled with the increase in tenants has caused rents to go up…a good thing for landlords, but not so good thing for tenants. Give me a call if you would like me to analyze an area or community for you to see if the ROI is good. Let me help you get started on making a good investment for your future.
Daniel Island – 7 active rental listings
Avg. Rent – $1.22/sf
Typical tenants include families or Boeing executives.
Downtown – 75 active rental listings, 36 have at least 2 bdrms and 2 baths
Avg. Rent = $2.11/sf
Typical tenants include MUSC or CofC students. Also, short-term tenants that like to spend lengthy vacations.
Mt. Pleasant – 5 active rental listings; 31 have at least 3 bdrms and 2 baths
Avg. Rent = $1.28/sf
Typical tenants include families moving into the area before they decide to buy or young professionals.
Summerville/Ladson – 156 active rental listings; 126 have at least 3 bdrms and 2 baths
Avg. Rent -=$.79/sf
Typical tenants include Boeing employees. Also military stationed at AFB, and low-income working families. Keep an eye out for Volvo employees in this area!
Goose Creek/Hanahan – 52 active rental listings; 39 have at least 3 bdrms and 2 baths
Avg. Rent = $.78/sf
Typical tenants include families and/or military stationed at Weapons Station.
West Ashley/James Island – 80 active rental listings; 43 have at least 3 bdrms and 2 baths
Avg. Rent = $1.00/sf
Typical tenants include young professionals or retirees.
North Charleston – 43 active rental listings; 26 have at least 3 bdrms and 2 baths
Avg. Rent = $.74/sf
Typical tenants include singles, young couples just starting out, and low-income working families. Boeing employees also. Keep an eye out for Daimler-Chrysler employees in this area!