Wow!! Seems like everywhere you look in Greenville, SC these days you see a large complex of condo’s, townhomes, apartments etc..! Someone said we were building 7000 doors of multi family and hotel rooms? Is this fact? The point is that there are a LOT of units going up around the city and rental rates are through the roof. Like a studio 460 sq ft for $1045 on up to a 3/2 apartment for $1975 to $2695! (Compare to mid-town Charlotte $1140 – $2798) Investors are attracted by the potential, but the rate of return is a long road and maybe a moving target…
So what does this mean for you? How is this going to affect the inventory that is already here? How is the rental market going to react when all of these units come on line in a few months? We don’t know, this is something that we have not experienced in this town before. But here are some things that we do know; Average household income is around $48,500 annual, (this is $932 a wk per household before taxes). Per capita income $26,400 (singles make $507 a wk average) . Greenville is 30% renters. So are these rental rates affordable?
Build your portfolio around this information and try to capture the largest part of the populace. Competition makes everyone better. And pricing may go up or down due to market changes. But if you own Single Family Homes that are rentals you will always have customers that want a yard, pets, and have children. They will still want your product vs the hi-rise apartment with the bad view but great location. There is a niche in affordable SFR because at the end of the day everybody has to live somewhere…..
Call us or email to learn more about how we can help you have success with your real estate investments. Call 864-395-6538 ask for Robert or email firstname.lastname@example.org.