Beaufort Rentals: Market Insights

Beaufort Rentals Market Analysis: August 2023

Hello, dear readers!

As we bid farewell to the summer months, it’s time to dive into the latest rental market trends in Beaufort County. Whether you’re a property owner, tenant, or just someone interested in the local real estate scene, our monthly analysis will provide you with the insights you need.

Beaufort County’s Rental Landscape

Starting with the broader Beaufort County market, the average days a property spends on the market before being rented is 59 days. This is a significant metric for both landlords and prospective tenants. For landlords, a shorter time on the market typically means less time with a vacant property, and for tenants, it indicates the pace at which they need to make decisions.

When we break down the median rents for different property sizes, we see some interesting trends:

1-bedroom properties are currently renting at a median price of $1,700, marking a 1% increase Year-over-Year (YoY).
2-bedroom properties, on the other hand, have seen a decrease, with the median rent now at $1,950, down 5% YoY.
3-bedroom properties have experienced a slight uptick, with the median rent at $2,299, up 2% YoY.
4-bedroom properties have witnessed the most significant shift, with the median rent dropping to $2,450, a substantial decrease of 18% YoY.
These fluctuations suggest a dynamic market, with potential opportunities for both renters and landlords.

Beaufort Rentals: Outperforming the Market

Now, let’s shift our focus to Beaufort Rentals’ performance. We’re proud to report that our properties have consistently outperformed the broader market. Our average days on the market stand at just 20 days, significantly lower than the county’s average. This is a testament to our team’s dedication, our strategic marketing efforts, and the quality of properties under our management.

However, it’s worth noting that while we’ve seen an increase in our average days on the market (rising from an impressive 2.1 days in August 2022 to 20 days in 2023), we’re still well ahead of the market average. This shift could be attributed to various factors, including broader market dynamics and the natural ebb and flow of the rental cycle.

In terms of rent, Beaufort Rentals has seen an average rent increase of 11.9% YoY for August. This growth showcases the demand for our properties and the value we provide to our tenants.

In Conclusion

The rental market in Beaufort County is ever-evolving, with opportunities and challenges arising for both tenants and property owners. At Beaufort Rentals, we remain committed to offering top-notch services, ensuring our properties remain desirable and our clients stay informed.

Stay tuned for next month’s update, and as always, if you have any questions or are looking to rent or list a property, don’t hesitate to reach out to our dedicated team at Beaufort Rentals.

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) 441-7320
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.

Until next time, happy renting!