Why Young Professionals Are Moving to Charleston
Handsome Properties July 16, 2021
Handsome Properties July 16, 2021
For seven years in a row, readers of Travel + Leisure magazine have chosen Charleston as the number-one city destination in the United States. In 2020, Charleston made the list of Travel + Leisure’s top 25 cities in the world—one of just two U.S. cities to achieve the distinction.
It’s clear that Charleston holds a top spot among tourists and visitors. But our city is also a attractive area for young, college-educated professionals looking to put down roots. One USA Today article said, “Charleston now teems with college-educated young people, 20- and 30-somethings who have come for the jobs and stayed for the lifestyle.”
Handsome Homes Director of Property Management Kara Coville recently commented on current trends in the Charleston long-term rental market in the wake of the coronavirus pandemic. “We have definitely seen a change in the types of renters searching in the market,” she said.
“Due to the COVID epidemic, we are certainly seeing an increase in the amount of people working from home, which has brought in interest from those who may not have had the opportunity or even interest to relocate here, but now have the opportunity to,” Kara commented. “Also, we are seeing those who were not looking to sell, but wanted to take advantage of the hot sales market. With the state of the market, these quick sales sometimes only allow for the next step to be renting as the lack of inventory available to repurchase.”
We did a little digging and found seven factors that pull young professionals here.
“A typical rental for a young professional is either 2 or 3 bedrooms,” Kara says. “This allows for separate office space as we are seeing a rise in the current work-from-home trend. With the increase in the workforce that is working from home, it’s even more important to live in an area that is easily accessible to restaurants and entertainment areas, as it is very important to get out during the workday to maintain a social life.”
Access to restaurants and entertainment, a mild climate, and optimal employment conditions all adds up to a metro region where young professionals want to live, work, and play. And for property owners, this means a good supply of prospective tenants.
Like the sales and purchase inventory, rental properties in Charleston are also experiencing a period of low inventory.
“Those with second homes and condos did take advantage of the market conditions, and those second homes which were normally utilized as rentals have now been sold, leaving the single-family rental inventory at a minimum,” stated Kara. With housing at a scarcity, opportunities are favorable for property owners to lease their homes on a long-term basis.
As a full-service property management company, our mission is connecting prospective tenants with their ideal residence on the Charleston Peninsula. Are you a property owner interested in leasing? If you lack the time or knowledge needed for day-to-day management of your residential real estate investment, we can help.
Handsome Homes
Transforms property buying and selling into a thoughtful, curated, and highly personalized experience, expertly tailored to Charleston’s luxury, historic, and exclusive real estate markets.
