Beaufort County Rental Market Update: August 2024

As we move deeper into the year, the rental market in Beaufort County continues to display fascinating trends that both landlords and tenants should be aware of. From changes in average rental rates to the time properties stay on the market, there’s a lot to unpack this month.

Days on Market: A Comparative Advantage

The average days on market in Beaufort County currently stands at 72 days, according to Realtor.com. While this reflects the broader market’s pace, Beaufort Rentals has consistently outperformed this benchmark. In 2023, properties managed by Beaufort Rentals averaged 20 days on the market, and this year, we’ve seen that number decrease to just 13 days. This is a testament to our proactive marketing strategies and commitment to finding the right tenants quickly, ensuring that our property owners face minimal vacancy periods.

Rental Rates: Mixed Trends Across Property Sizes

When we dive into rental rates, the data from Zumper.com reveals a mixed bag of trends:

1-Bedroom Units: The median rent for a 1-bedroom property in Beaufort County is currently $1,615, reflecting a 3% decrease year-over-year (YOY).
2-Bedroom Units: Similarly, 2-bedroom units have seen a 4% decline in median rent, now sitting at $1,899.
3-Bedroom Units: In contrast, 3-bedroom properties have experienced a 2% increase in median rent, with rates rising to $2,299.
4-Bedroom Units: Larger homes, however, have seen the most significant shift, with median rents dropping by 10% YOY, now averaging $2,600.
These trends highlight the varying demand dynamics for different property types within the county. Smaller units, particularly 1- and 2-bedroom properties, are seeing a slight cooling in demand, potentially due to shifting demographics or economic factors. Meanwhile, the steady rise in 3-bedroom rents indicates a strong demand for mid-sized family homes. On the other hand, the significant drop in 4-bedroom rental rates could suggest a more competitive market segment or a shift in tenant preferences.

Beaufort Rentals: Consistent Performance

At Beaufort Rentals, our portfolio has seen positive growth despite the broader market fluctuations, as they have increased 8.94% YoY. This consistent performance underscores our dedication to maintaining high standards in property management, ensuring that both landlords and tenants benefit from our market expertise.

As always, staying informed about market trends is crucial for making sound real estate decisions. Whether you’re a property owner looking to maximize your investment or a tenant searching for the perfect home, understanding these market shifts can help you navigate the landscape more effectively.

 

 

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!