Charleston, South Carolina recently earned the number-one spot in the top ten best cities for renters. As people across the country look for affordable cities with great rental opportunities, all eyes are on us.
Does that mean that having homes for rent in Charleston is foolproof? Not exactly. Even when demand is on the rise, you still have to contend with competition and high renter expectations.
As Charleston's best full-service property management team, we've learned a few tricks that can help. Read on to learn some of the best tips for Charleston landlords.
Research Before You Price Your Rental
Rent inflation has been a real threat to renters across the nation, including in affordable cities like Charleston. If you're facing high vacancy rates, one of the first things to do is reevaluate your rent prices.
Size, location, and amenities should all influence the amount you charge for rent. Draft a few comps by looking at rental properties with similar features. Make sure those properties are in your neighborhood, as rental prices shift based on location.
Focus on the Tenants You Have
The old adage is true that it costs less to keep a tenant than to find a new one. When tenants renew their lease, there are no gaps in which you're not getting rental income. Plus, you can save on marketing, tenant screening, and major renovation costs.
Create an airtight lease renewal strategy. That means incentivizing renewals, but it also means fostering strong tenant relations all year round.
Get Serious About Maintenance
One of the best ways to improve tenant relations and protect your property value is to take maintenance seriously. Use a tenant portal for routine maintenance requests and provide fast responses and maintenance coordination.
Start inspecting properties at least once a year to plan out preventative maintenance. When you make small repairs, like replacing old plumbing or patching damaged roofs, you can cut down on expensive emergencies.
Partner With Property Management
Most of the time, rental properties in Charleston struggle because investors aren't prepared to take on full landlord responsibilities. If you purchased a rental property with the goal of earning passive income, you need to outsource property management.
Partnering with a property manager can do more than reduce your landlord stress. Property managers have years of experience with rental homes and can improve everything from tenant screening to accounting. When professionals are running the show, you can start to see an increase in net profits in just a few months.
Call Adams Properties to Manage Your Charleston Homes for Rent
Charleston is packed to the rafters with eager renters looking for great homes to rent. These landlord tips will help you excel in a thriving rental market.
At Adams Properties, we do more than share our insights with new and established property investors. Our combination of cutting edge property management technology and customizable services makes it easy to turn a profit. Contact us to learn more about why the Adams Properties approach is producing great results.
