Multifamily real estate owners in Charleston, South Carolina, should consider improving their properties’ curb appeal to lure more tenants, as 28 people relocate to the city each day.
Aside from Charleston, you can choose from many lawn care companies that provide commercial landscaping services in Hilton Head and other cities in the state. The city’s apartment market has become an affordable choice for many new residents, while a low unemployment rate also encourages them to seek jobs near their homes.
In the last 12 months, asking prices for multifamily rentals in Charleston have increased more than 3% from the Class A to the Class C sectors. John Beam, Hunt Mortgage Group managing director, even described the metro area as “an emerging institutional apartment market.” Multifamily lenders and investors are cashing in on the strong demand.
Despite the increase in rental rates, tenants still find them affordable due to the number of apartment construction projects. Prices tend to increase when demand is high, and there’s a shortfall of properties, but developers have built more than one-third of the city’s multifamily properties since 2010 that kept prices at a reasonable pace of growth.
Some people have planned to create new housing and shopping centers in suburban areas, where prices are relatively lower. More than 200,000 people in Charleston spend at least 30% of their income for rent, which classifies them as cost-burdened tenants.
However, renting an apartment seems like a more affordable choice than buying a house in the city. It’s likely that more people are going to rent for the long-term period unless the 30-year fixed mortgage rates decline significantly.
Commercial landscaping helps in improving your apartment’s façade. This is important if you want to strike a good first impression among prospective tenants in Charleston or any other place in South Carolina.