Quick Market update for Hilton Head Island, SC
It has certainly been an interesting year to say the least. In March and April we were not sure what would happen to the short term rental market here on Hilton Head Island. Here we are in the last month of the year, and I can tell you what has happened.
Single Family homes on the island sales prices are up 12.3% Year To Date. There are some areas of the island that have seen up to a 30% increase in value from a year ago.
Villas and Condos have seen an increase of over 15% Year To Date.
The rental market is seeing similar results. Most management companies are increasing their rates by 15% or more for 2021.
More people have made HHI their home or second home and have made an already tight short term rental market even tighter.
If you are looking for a high cash on cash return, this is not the current time to buy here. If you are looking for an opportunity to own a beach community property and have it pay for itself, the opportunities are still available and the future looks good.
- Ron Williams
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Thanks for this update, @Ron Williams! I'm not currently in the short term vacation rental market, but it's very interesting to keep tabs on it during this crazy year.