Charleston’s rental market has seen an increased supply in 2018, making it more and more difficult for local property owners and management companies to lease homes quickly and retain tenants. The team at Charleston Home Rentals (CHR) has successfully weathered the storm and attributes this to proven processes designed to ensure that they deliver on their Be Happy Renting promise.
Reasons for Increased Supply of Rental Properties
Securing good, long-term tenants is a goal of any residential property manager, but filling vacancies is becoming a real challenge in Charleston because prospective tenants simply have more options. Several factors have affected the increase of rental properties in the area.
New multi-family developments are popping up throughout the Tri-county area. Singles and families are attracted to an array of modern apartment, condo or townhome options touting nice amenities and active social calendars. This has especially made an impact on downtown property owners who have not been accustomed, until now, to having vacancies.
In addition, many vacation rental owners in the City of Charleston are rethinking their strategy in response to the ordinance effective this past July which regulates short term rentals (STRs) in all areas of the city. Whether they don’t meet the requirements or simply don’t want to deal with the red tape, some owners are shifting away from vacation to long-term rentals which further increases the residential lease supply.
A slight downturn in Charleston’s housing market has also changed some “homes for sale” into “homes for rent”. For the past several months, listings are staying on the market longer. Whether the homeowner has left or relocated within the area, some have become “accidental landlords” due to a need to cover a mortgage payment for a home that didn’t sell in the expected timeframe.
CHR Answers Demand for Customer Service
In our area’s competitive rental market, both owners and tenants can demand more of the property management companies that serve them. Owners want to get their homes rented quickly, get paid on time and avoid vacancies. Tenants want to get a fair price for a nice rental with prompt response to maintenance issues. Is it possible for a property management company to check all these boxes? Charleston Home Rentals believes that the answer can and should be “yes”. They have been on a mission to deliver on this since 2006, and their growing portfolio of long-term rental properties seems to point to a mission accomplished.
“Our philosophy is that all parties in a rental agreement should Be Happy Renting,” said Matt Manaker, CHR Partner, Business Development. “We are continually looking for ways to improve the renting experience for our owners and residents alike.”
Providing the highest level of customer service to all clients (owners, tenants and referring agents) is CHR’s ultimate end goal, and they are leveraging their unique knowledge of the Charleston market and well-defined processes to make it happen.
Charleston Home Rentals has been in business for 12 years, and CHR partners have close to 35 years of experience in the industry. This knowledge has helped them home in on the aspects of property management which they deem most important, starting with improved communication. They aim to make it easy for interested property owners to get information about their services and receive a prompt analysis of their property’s rental value upon request. CHR also tries to make communication convenient for owners and residents which is typically most important in relation to the response time for repairs and maintenance.
Last year, CHR implemented a new phone system which brought the call screening process in-house to improve response time. In addition to phone and email support, CHR has both tenant and property owner portals on their website, BeHappyRenting.com. They even provide a handbook to tenants and owners to address common questions, striving to proactively address various topics before they even become an issue.
Rent Quickly and Retain Long-Term
With improved communication and customer service, Charleston Home Rentals is successfully leasing homes quickly and retaining tenants even in today’s tough rental market.
“We guarantee an approved applicant in 30 days of the property being rent ready, or we waive a month’s management fee for every 15-day period beyond that without an approved application,” said Ben Azar, CHR Partner, Leasing. “We always start with an accurate and realistic evaluation of a property’s rental value because we want to help owners generate income as soon as possible.”
When an issue does arise, CHR Partner Josh Azar is responsible for repairs and maintenance. “Our team knows that a quick response is critical to keep the resident happy and to protect the owner’s property. In addition to online requests, we offer a 24/7 maintenance call center to facilitate this,” he said.
Long-term retention is proof that the CHR team is doing something right. According to Manaker, their portfolio includes over 250 multi-year leases, a majority of which were renewals. “Lease renewals are real validation that we are serving our clients in the manner we wish,” he said. “It makes me happy to know that we are helping an owner generate income while also providing a nice home to an individual or family.”
A Better Renting Experience
The growth of Charleston’s real estate market has opened the door for more people to get involved, and it is often difficult for those looking for property management services (owners, tenants or referring agents) to know who they can trust to serve them well every step of the way. This is CHR’s commitment.
Learn more about Charleston Home Rentals, their property management services, their agent referral program and available listings at BeHappyRenting.com.