Columbia South Carolina Market
Is anyone here familiar with the multi family market in Columbia SC. We have been looking at deals there and went to visit, however i am having a hard time wrapping my head around why rents have stayed pretty low there over the last couple years, if any MF investors who have experience in this market can share their experience, would be appreciated!
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Where in Columbia are you looking? If it is outside of the downtown market (29205 / 29201) I would agree with you that rents have stayed flat. However, close to UofSC and downtown, they have gone up tremendously because of the new infill student rental properties. I have raised rents on some of my properties 30-40% in the last six years.
It's been my experience of 15 years investing in Columbia that it is pretty much a cash flow only play. If you're looking for appreciation, I'd recommend going to Charlotte or Charleston.