In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in South Carolina. Three towns made our list: Spartanburg, Columbia, and Myrtle Beach. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
Y’all are going to love South Carolina if you didn’t already. This state has a unique place in America’s history as a leader of the South during the Civil War, one of the original 13 colonies, and a great economic powerhouse for the nation. Whether it’s visiting the charming streets of Charleston, taking a trip to the low-country, laying on the beaches of Hilton Head, or chowing on shrimp and grits, South Carolina is a beautiful place to both live and visit. Historically, agriculture was a huge part of South Carolina’s economy and still is, but manufacturing, tourism, and services have since taken over in the state. It is also home to Clemson University, Winthrop University, and University of South Carolina – all highly revered schools for natives and out-of-state students. While short-term rentals are a great option in this gorgeous and tourist-heavy state, South Carolina’s permanent population and need for workers is great news for property investors.
Sit back on your porch and enjoy your sweet tea – here are the best places to property invest in The Palmetto State.
#3: Myrtle Beach
The heart of the Grand Strand, Myrtle Beach, might be known as a top tourist and spring break destination, but it also has a great culture and environment for residents. With endless beaches, shopping, delicious dining, and a hot nightlife, Myrtle Beach is attracting lots of millennials and families for its great weather and amenities. It’s no surprise its population and employment is booming with an affordable rent of $1032 – landlords will have a solid amount of leads with an average of 35 per property, and they will easily be able to fill their rentals in 12 days or less. They say life is better at the [Myrtle] beach, and so is property investing.
- Population growth: 6.6%
- Employment growth: 4.5%
- Increase in home values: 7.1%
Median Sale Price: $208k
Average Rent: $1032
Average Number of Leads per Property: 35
Number of days on the rental market: 12
#2: Columbia
Columbia, located in the Midlands, is the state capital of South Carolina, home to the University of South Carolina, and the Columbia Museum of Art. Columbia is “Famously Hot” temperature wise, for its events and attractions, and, of course, for property investing! From whitewater rafting on the Saluda River rapids to cheering on the Gamecocks at a home game, Columbia is an excellent place for families, students, and singles – there truly is something for everyone. Columbia’s rental market is hot with an affordable sale price of $165k and an average rent of $899. No fear landlords, you can expect an average 59 leads per property and less than two weeks on the market. We are hot for Columbia – don’t miss out on this one!
- Population growth: 0%
- Employment growth: 1.5%
- Increase in home values: 5.6%
Median Sale Price: $165k
Average Rent: $899
Average Number of Leads per Property: 59
Number of days on the rental market: 12
#1: Spartanburg
Spartanburg and the surrounding area is full of history, great employers, outdoor activities, and great education. It has been named South Carolina’s second Downtown Cultural District, has over 15,000 college students, and has great economic development. It’s also home to BMW’s only American factory and the headquarters of Denny’s. Spartanburg can be both an upbeat and relaxing place to be which is why the population and employment growth is on the rise – the median sales price for a home is only $162k with an increase of value at 9.1%! This is amazing news for property investors who are looking for a great ROI. Rent is very affordable, especially for students, at only $840 giving landlords a whopping 233 leads per property! Spartanburg is #1 in our hearts.
- Population growth: 0.6%
- Employment growth: 2.3%
- Increase in home values: 9.1%
Median Sale Price: $162k
Average Rent: $840
Average Number of Leads per Property: 233
Number of days on the rental market: 18
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
Methodology:
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.
