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Report: Charleston County has one of lowest rental yields in S.C.

Real Estate - Residential
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Charleston County is one of the worst places in the state to buy single-family rental properties, according to a market report from Attom Data Solutions.

The property database company analyzed single-family rental returns in 375 U.S. counties with populations of at least 100,000.

In South Carolina, Charleston and Beaufort counties had the lowest gross rental yields at 5.3% and 6.0%, respectively. On the other end of the spectrum, Sumter and Richland counties both had gross rental yields at 12% or more, according to the report. (Photo/File)The average annual gross rental yield — annualized gross rent income divided by the median purchase price — for single-family homes was 9% for those 375 counties, the report said.

In South Carolina, Charleston and Beaufort counties had the lowest gross rental yields at 5.3% and 6.0%, respectively. On the other end of the spectrum, Sumter and Richland counties both had gross rental yields at 12% or more, according to the report.

“While good returns on single-family rentals are hard to come by in high-priced coastal markets and in some other housing hot spots such as Denver and parts of Dallas, Austin (Texas) and Nashville (Tenn.), solid returns on single-family rentals will continue to be available in many parts of the Southeast, Rust Belt and Midwest for investors purchasing in 2017,” Daren Blomquist, senior vice president at Attom Data Solutions, said in the report. “And single-family rentals should continue to yield strong returns in many parts of the country going forward given the market undercurrents of low rent-ready housing inventory and low homeownership rates.”

Single-family rental data for select S.C. counties (2017)

County

3-bedroom monthly rental amount

Q1 median sales price

Annual gross rental yield

Sumter

Richland

Lexington

Aiken

Anderson

Berkeley

Pickens

Dorchester

Greenville

York

Beaufort

Charleston

$1,040

$1,245

$1,245

$1,087

$945

$1,382

$1,102

$1,382

$1,102

$1,314

$1,529

$1,382

$99,500

$124,000

$130,000

$121,700

$109,000

$176,000

$143,000

$184,000

$165,000

$204,000

$306,000

$315,000

12.5%

12.0%

11.5%

10.7%

10.4%

9.4%

9.2%

9.0%

8.0%

7.7%

6.0%

5.3%

Source: Attom Data Solutions, U.S. Department of Housing and Urban Development

Reach Ashley Heffernan at 843-849-3144.

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