Charleston’s Job Boom:
What it Means for Rental and Real Estate Markets
guest blogger: Ginny Perkins
Sure, the Southern hospitality and coastal lifestyle are all reasons to love living in the Lowcountry. But there’s another reason the greater Charleston area is such a desirable place to live: USA Today recently ranked our city number 5 on its list of the Top 10 Best Metro Job Markets of 2018. Check out statistics for the Charleston-North Charleston metro area:
Number of Employed: 336,560
Jobless rate: 2.3%
Annual mean wage: $44,500
So, what exactly does that mean for Charleston’s real estate and rental markets? Well, for one thing, it has people moving here in spades! (At one of the highest rates in the country, in fact.) Yep, our city is growing. And the growth has created a shortage of homes for sale able to keep up with demand for housing. So get excited sellers, that’s great news for you.
Who else will fare well in this great job market? Property owners who are considering renting their homes. With the job-boom has come a boom in the rental market as well. When people move to Charleston for work, they may not be ready to buy right away. Many will want to rent and “get a lay of the land” to find out which location in town they’d like to settle permanently. That’s where renting comes in.
And if you consider the mean wage statistic just released by USA Today, you’ll also recognize that many new Charleston residents moving here for work may not be able to afford a down payment on a home right away. That’s another reason the rental market is so hot! Apartments are popping up everywhere, and tenants are willing to pay premium rental prices. More good news for property owners considering renting out their homes.
Lastly, when considering what all this good job news means for Charleston’s real estate and rental markets, we have to look at location, location, location! Where are the new jobs popping up in Charleston? Manufacturing employment opportunities at the new Volvo plant have Berkeley County homes and rental properties looking very desirable. And homes that allow for easy commutes to major employers like the Port of Charleston, Boeing, and the tourism/service industry are getting a lot of attention in the real estate market as well.
So, when you sit back and think about all the reasons to love living in Charleston, keep in mind the great job market—AND what that means for you as a property owner, seller, or buyer. And let the team at Jeff Cook and Rent Holy City teams help guide you in your real estate and rental needs.
Interested in selling in Charleston? Visit: www.843value.com
Interested in buying or selling in Columbia? Visit: www.SeeColumbiaHouses.com
Interested in buying or selling in Greenville? Visit: www.SeeGreenvilleHouses.com
Interested in renting a home? Visit: www.RentHolyCity.com
Interested in selling for quick cash? Visit: www.TitanHomeBuyers.com
Jeff Cook Real Estate
Charleston | Columbia | Greenville