In July 2015, Bloomberg reported that market rents for single family homes in Greenville, SC, have increased approximately 17% in the past year. This 17% increase places Greenville at number three in the nation (behind two cities in Iowa and ahead of four Texas investment stalwarts: Austin, Houston, San Antonio, and Dallas).
During a recent conversation with Matt Foster, owner of Carolina Moves, a property management company located in downtown Greenville, Matt shared that single family homes located near downtown Greenville typically rent quickly, often within a few days of listing and with multiple applications submitted by high-quality tenants.
Readers of my blog know that downtown Greenville is a fabulous place to live, work, and play. Civic leaders from all over the U.S. continue to visit Greenville to see firsthand how revitalization was accomplished here. Laura and I live within a mile of downtown and walk there often, whether we are heading to a favorite restaurant, attending a concert at one of the many performance venues, or hanging out at the waterfall in Falls Park. With so much to see and do, downtown Greenville is a major draw for employers and their employees.
While several new apartment and condominium buildings exist (or are being constructed) in areas in and around downtown, the stock of single family homes available within a mile or so of the city center is limited.
Accordingly, I have personally chosen to invest in single family homes located in downtown-adjacent neighborhoods including North Main, East Park, Hampton-Pinckney, Alta Vista, and Augusta Road. I believe that homes in these neighborhoods will provide the greatest appreciation in the future.
For comparison, I have also successfully invested in properties in the Austin, TX, real estate market and I can tell you that I like the current Greenville, SC, real estate market even better!
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