Columbia SC Rental Market Rising During Housing Downturn

The Columbia SC rental market saw rents increase over the past year while home values were decreasing. In some locations, rents are up just as much as home values are down. As contradictory as this may sound, this is actually good news for the Columbia SC housing market.

The slow rebound in the Columbia SC housing market makes renting a good option for many. Former homeowners looking to recover their financial stability are joining new renters on the hunt for their first apartment and long-time tenants facing rising rental costs.

Columbia SC Rental Market Will Stimulate Housing

While it may seem that rent is rising at the expense of home values, actually the opposite is true. A strong Columbia SC rental market will stimulate home sales. The market is spurring investors to purchase distressed inventory to convert to rental properties, which may help bring rents back down as investors buy up the low-priced real estate inventory.

If you happen to find yourself being forced into the Columbia SC rental market because you are unable to qualify for a conventional mortgage, there is one piece of advice we’d give. That is, be sure to buy rental insurance.

Rental insurance offers an affordable form of protection from a range of hazards, from theft to fire damage. While you’ll need to sift through insurance policies with a fine-toothed comb to see what protection will and will not be included, rental insurance is a good bet, especially when it can cost as little as $10 per month.

If you’re thinking the Columbia SC rental market has now gotten to the point where owning is cheaper than renting, give us a call and we’ll sit down with you and run the numbers for you to see which makes more sense for you. Or, feel free to leave us a comment here and we’ll get back to you with answers to any questions you may have.