Charleston, SC has one of the highest rental markets in the country…..#8 out of the top 10. This means that people are renting properties at a high rate which in turn is keeping the rental values high. Who are these renters that are scooping up rentals and what do they want and expect when looking for a rental?
First of all, most do not look to newspaper ads and rental magazines like you find in the grocery stores. They are online searching. Most renters have already narrowed their choices down to a handful before they even step away from their computer, tablet or smartphone. Once they have found their rental, they still desire that the application process, rent payments, reporting a maintenance issue, etc…to be digital. We live in a digital world and they want the convenience of doing any of these tasks anywhere. If an owner or property management company offers digital services for tenants then you will most likely have a higher chance of attracting more lessees.
Renters want pictures and videos of the property. One shot of the front of the house will most likely be passed by.
Millennial aged renters are more likely to pay more for a rental. Studies show this very clearly. Adults age 55-64 are the most sensitive to rental prices. Also these millennials will willingly pay half or more of their monthly income on rent. Since they are willing to pay higher prices it goes without saying that the competition to attract these tenants is high. Ammenities and digital conveniences will keep tenants happy as well as the location. It may not be so important to find a rental close to work but more importantly it may be a desirable or “hip” area possibly near shops, restaurants and the beach.