Leasing out a house can be a lucrative deal for owners this summer, as most sectors of metro Charleston witness rate climbs.
In her latest newsletter, associate Michelle Whitbeck of Keller Williams Realty publicized the latest Lowcountry Rental Market Snapshot, which details the rental income per square foot that investors expect to receive through the next few months.
She bases the total on Charleston Trident Association of Realtors Multiple Listing Service numbers.
“Average rent has increased significantly in most areas,” she says. “The biggest increase is seen in North Charleston with about a 27 percent increase in average monthly rent.” She says Summerville, Goose Creek, Hanahan, West Ashley and James Island are showing an 8-12 percent surge.
Exceptions are downtown Charleston and Mount Pleasant, which both will remain about the same as last summer’s averages. Whitbeck says that’s “probably because their rental inventory has increased significantly.”
Whitbeck breaks down the active rental listings and average leases per square foot by area while including comments on the tenant mix. Here’s the list in descending order based on rent per house size.
• Downtown — 137 listings (majority of homes listed have at least two bedrooms and two baths), $2.12/square foot rent. Typical tenants include Medical University of South Carolina or College of Charleston students and short-term tenants.
• Daniel Island — 11 listings, $1.49/square foot rent. Tenants include families as well as Boeing and Volvo executives.
• Mount Pleasant — 91 listings (more than half have at least three bedrooms and two baths), $1.28/square foot rent. Tenants include families moving into the area before they decide to buy, as well as young professionals.
• West Ashley/James Island — 83 listings (about half offer at least three bedrooms and two baths), $1.12/square foot rent. Tenants include young professionals and retirees.
• North Charleston — 27 listings (more than half have at least 3 bedrooms and two baths), $0.94/square foot rent. Tenants include single renters, young couples just starting out and low-income working families. Boeing employees and Daimler employees are also potential renters.
• Summerville/Ladson — 68 listings (more than half offer at least 3 bedrooms and two baths), $0.88/square foot rent. Tenants include Boeing employees, military workers stationed at the Air Force Base and low-income working families. Volvo employees may also live here.
• Goose Creek/Hanahan — 31 listings (majority have at least 3 bedrooms and two baths), $0.84/square foot rent. Typical tenants include families, as well as military personnel.
Reach Jim Parker at 843-937-5542 or jparker@postandcourier.