July Rental Market Trends in Beaufort County
As we dive into the heart of summer, it’s time to take a closer look at the rental market trends in Beaufort County, SC. This month’s analysis sheds light on the dynamic shifts within the market and provides a snapshot of Beaufort Rentals’ performance compared to the broader market.
Market Overview
According to recent data from realtor.com, the average days on market for rental properties in Beaufort County stands at 72 days. However, Beaufort Rentals has outperformed this average significantly. In July 2023, properties managed by Beaufort Rentals spent an average of 22 days on the market. Fast forward to July 2024, and this figure has impressively decreased to just 8.5 days. This rapid turnover not only highlights our efficiency but also reflects the high demand and desirability of the properties we manage.
Rental Price Trends
When examining rental prices, data from zumper.com reveals a mixed landscape across different property sizes:
1 Bedroom: The median rent is $1,598, marking a 4% decrease year-over-year (YOY).
2 Bedroom: The median rent has risen to $1,979, showing a 1% increase YOY.
3 Bedroom: The median rent is now $2,325, reflecting a 3% increase YOY.
4 Bedroom: The median rent has fallen to $2,700, indicating a 7% decrease YOY.
These variations underscore the shifting demand dynamics within different segments of the rental market. Notably, larger properties, especially three-bedroom units, have seen an uptick in median rent, suggesting a growing preference for more spacious living arrangements.
Beaufort Rentals Performance
In line with these market trends, Beaufort Rentals has also observed changes in our rental pricing; they have increased 8.59% YoY.
Our proactive approach to property management and our deep understanding of the local market have enabled us to maintain competitive rental rates while ensuring high occupancy and quick turnover times. This strategy not only benefits our property owners but also attracts quality tenants looking for their ideal home in Beaufort County.
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.