It's no surprise the rental market is hot, Americans have been living in rental properties for a long time and that number soared to 37% since 1965. Industry experts say the current economic climate has created a perfect storm for the single-family rental market’s success. Student debt, a tight job market, and the inability to save for a down payment have kept a number of potential home buyers out of the market.
According to #CoreLogic, rents in the Southwest are steadily increasing, just in December, the average rent for single-family homes grew by 3.1 percent year-over-year. #Phoenix experienced double the amount, growing by 6.9 percent.
Many factors influence a family’s choice when considering where to buy a home. When buyers choose to stay within their current metro, school district, crime statistics and commute time can influence their buying decisions. For buyers who decide to relocate, affordability, preferable weather and economic opportunities are often the driving factors. According to CoreLogic data, about four-in-five buyers in 2018 wanted to buy in the same metro, and one-in-five chose to move to another metro.
Columbia, South Carolina is experiencing incredible growth speed as the state’s capital and second largest city. With high affordability for both renters and single-family rental investors, it’s an easy decision the metro area is growing. The southwestern metro area is where investors can find single-family rental homes with attractive double-digit yields.