Current Rental Market Trends in Beaufort County – May 2024
As we progress through May 2024, the rental market in Beaufort County, SC continues to present an intriguing landscape for both renters and property owners. The dynamics of the market have evolved over the past year, showcasing both opportunities and challenges. Here’s a comprehensive look at the current trends, along with insights from Beaufort Rentals.
Market Overview
According to recent data from realtor.com, properties in Beaufort County are spending an average of 56 days on the market. This figure provides a benchmark for understanding the speed at which rentals are being occupied. Despite this general trend, Beaufort Rentals has maintained a competitive edge, with our portfolio’s days on market increasing from 15 days in May 2023 to 21 days in 2024. While there has been a slight rise, our properties still outperform the county average by a significant margin.
Rental Price Trends
Data from zumper.com highlights mixed movements in rental prices across different property types in Beaufort County:
1-bedroom apartments: The median rent has risen to $1,750, marking a 6% year-over-year increase.
2-bedroom apartments: The median rent has decreased by 7%, now standing at $1,995.
3-bedroom apartments: The median rent has dipped by 2%, currently at $2,250.
4-bedroom apartments: The median rent has fallen by 3%, now at $2,712.
These fluctuations indicate varied demand across different property sizes, with single-bedroom units experiencing a notable increase in rental prices, while larger units have seen a slight decrease.
Beaufort Rentals’ Performance
Our own portfolio at Beaufort Rentals reflects a positive trend. Beaufort Rentals average rent has increased 5.35% YoY for May.
Key Insights
- Competitive Position: Beaufort Rentals continues to outperform the broader market in terms of days on market, showcasing our effective marketing and property management strategies.
- Rising Demand for Smaller Units: The increase in 1-bedroom rental prices suggests a growing demand for smaller, more affordable living spaces. This trend could be driven by single professionals and couples seeking cost-effective housing solutions.
Stability in Larger Units: Despite the slight decreases in rents for larger apartments, these properties remain relatively stable, indicating a steady demand among families and larger households. - Looking Ahead: As we move forward, Beaufort Rentals is committed to maintaining our competitive edge by continuously adapting to market trends and optimizing our services. Our goal is to ensure that property owners and tenants alike benefit from the highest standards of property management.
About the Author
Malory Medaglia serves as the Property Management Advisor at Beaufort Rentals. With a deep understanding of the local rental market, Malory’s expertise has been instrumental in guiding homeowners through the intricacies of property management. Her passion for real estate and commitment to excellence ensures that clients receive top-tier advice and service. If you’re considering diving into the world of property rentals or simply have questions about our services, Malory is your go-to professional.
📧 Email: malory@beaufort.rent
📞 Phone: (843) 595-8899
Please CLICK HERE for a free Rental Analysis.
Reach out to Malory today and benefit from her wealth of knowledge in the Beaufort rental market.