Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
Is anyone noticing softening in the downtown Greenville SC rental market (maybe in the $1000-1400 rental range)? There are more units on market in the 29609 area code than I have ever seen and days on market appear to be going way up. All the new apartment inventory could be the culprit and there is more coming online. I am not close enough to the market anymore now though; so, very open to your feedback...let me know what you are experiencing with your properties.
I of course have not bought in Greenville but I do know a guy who attends our REI meeting who manages properties downtown has been having more difficulty getting units rented due to the new apartments having a lot more amenities than the condos he is offering. Again, take that for what its worth !
I of course have not bought in Greenville but I do know a guy who attends our REI meeting who manages properties downtown has been having more difficulty getting units rented due to the new apartments having a lot more amenities than the condos he is offering. Again, take that for what its worth !
I had a 3| 2 sit for 90 days in Gower @1200. Everything I have at 700-800 is flying off thr shelf.
Hey Mario, thanks for responding. I have five units in North Main near you at Gower and am experiencing longer days on market as well. Along with the 1000 or so apartment units that have come online downtown, there are more coming. There is a 250 unit community coming right there in the North Pointe development (Stone and Wade Hampton). That development is going to be another destination area for downtown with a grocery store, apartments, restaurants, and shops and is going to be nice but it will put more pressure on the rental market. Property values are hot but we may see a few years of softer rents. I spoke with the owner of a management company last night and he said the tough rental market is normally in the $1500-1800 range (strong above and below that) but that range has expanded to $1200-1800 now downtown (and they will not take on any multifamily).