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The real estate market in the United States has been nothing short of crazy over the last couple of years. Home prices soared, interest rates remained low, and there isn’t enough inventory to support demand.
Those things had an impact on the rental market. There aren’t enough homes for sale, which drove prices through the roof.
The high prices forced many to rent instead of buy. That drove up rental demand. The average rent for a one-bedroom went up by nearly 13% over the last year.
If you’re looking for South Carolina homes for rent, what can you expect?
Are you looking at an unaffordable market, a lot of competition, or will you have an easy time finding a home?
Read on because you’re about to find out what’s happening with South Carolina rentals.
- Location Matters Most
Charleston is ranked among the hottest real estate markets for investors. It’s a growing city, and the real estate market there is hot.
There’s a lot more to South Carolina than Charleston. Greenville, Columbia, and Hilton Head are other areas where real estate values increased.
These areas are getting the attention of investors. They’ll purchase properties and rent them out for a profit.
You’ll find that some areas are more affordable than others. An apartment in downtown Charleston costs a lot more than one elsewhere in the state.
- Competition Is High
The national trend of getting priced out of buying a home hit South Carolina. That leaves more people looking for a rental property.
Inventory in the rental market is still low because of the pandemic.
Apartment costs were 30% higher in South Carolina in 2021 than in 2020. This is because of low inventory and high demand. Property values are up, so landlords can raise rates on properties.
Apartment occupancy rates are at 97%, which is very high. If you’re looking for an apartment in South Carolina, expect to have a lot of competition.
- Finding Rental Homes in South Carolina
Finding South Carolina homes for rent is all about timing. You need to have the attention of property managers and landlords before a home hits the market.
Look for property management companies Greenville SC or the location you want to live in. They want you to fill out an application and show your income information.
Have this documentation ready to go. Gather your most recent pay stubs from the last couple of months. If you’re self-employed, show recent bank statements and invoices.
Most landlords want to see renters make three times the rental amount. Don’t forget to have a check ready to pay for background and credit checks.
You’ll jump ahead of everyone else if you can get your application in quickly.
South Carolina Homes for Rent in an Unpredictable Market
Do you think that it’s possible to find South Carolina homes for rent? It is if you’re in the right location and you’re prepared to submit an application right away.
Once you’re in your rental, you’ll need some tips to furnish and decorate your new home. Check out the Home section for ideas and inspiration.
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