Rents SPIKE in Hilton Head + Mayfest and More
Rents in Beaufort County haRents in Beaufort County have increased over 30%, the Hilton Head numbers show that more homes are coming to market, and Bluffton Mayfest is this weekend. Thanks to special guests Margaret Crenshaw and Elizabeth Acuff on today's Market Mondays- Hilton Head!
Today, we're gonna talk a little bit about rent prices have shot up in Beaufort county. Margaret Crenshaw is going to come in and talk to me a little bit about that. We're talking about the Hilton head real estate now. And it's may Fest time stay tuned. Right? So here with me is the lovely, talented intelligence, all knowing Margaret Crenshaw.Well, we learned a lot from you every day in the office about real estate too.So first what's going on with the Hilton head market? What do you think? What are you seeing what's happening? Yeah, I'm starting to feel a little bit you know, like I can breathe a little bit better for some of my buyers. Recently had a lot of chats with some clients who are, are thinking whether maybe they should wait to sell. And I say no to that. What would they be waiting? Well, you know, in the short-term rental market, a lot of folks want to capture their, their rental income over the summer and maybe list in the fall. So with more properties coming to the market, I don't think that's a very good idea. I think take advantage now before there's Maybe you can negotiate a closing at the end of the summer because the best of the boat for us.So one thing that I've found that's really interesting is if we look at last year, the number of under contract versus the new inventory that came off. We sold or put under contract more than we listed. It's flip-flop now, now we're selling less than it's coming on the market year to date. I just turned an audible exhale from like 1200 realtors on the island. Did you hear that? It's funny. You know, it wasn't a few years ago that we had part of our business plan was to get listing extensions because the property would be on the market six months and we'd have to. The seller extend the listing. Now we're not doing that anymore. And we're exhaling that there's more inventory things aren't selling right away. What a difference a couple of years makes it really does. Did you see the article in the Washington post about rental rates going up like over 30% during the pandemic? What are your thoughts on that? You know, that news coming out about rent rates coming up is not good for us personally. I can tell you that the current apartment that I lived in prior to purchasing my conduct in 2014, I rented for $950.And I think I was given a $50 per month discount because of be Margaret. Yeah, I don't know why. And you know, over the seven and a half years that I lived there, my, my rate went up. You know, as it should, you know, normally, and at 1295, we're basically 1300 last year. It was raised to 1600. Wow. On January 1st of this year. And then of course I've moved out and the current renter who replaced me is paying 1900. Wow. So it's basically, since 2014 in my little apartment has right. Has gone up 50%. Yeah. So. I'm going to tell you a little anecdote though about how I tried to help my landlord find a replacement for me because they don't live here and I'm a long time island residents. So they thought it would be helpful for me to help that someone coming in and with my connections of everybody that I know, I had a lot of interest in the apartment, particularly from the food and beverage hospitality. History of folks that I know who need places to live and I'm at whatever point we decided to list it also in Zillow. So we could have a broader base of applicants. So this is a twofold story. Number one, if you're going to put your property for rent on Zillow, get ready for the phone calls. It, they didn't stop 24 7 calls. And then for anybody potentially needing to find a place to rent. If you're looking at Zillow, don't write an email or send in an application without calling the phone number. It is very important because of such high demand. And with so many emails, people sending emails and filling out applications, the voicemail, or the personal touch of making that phone call is going to put you on top of the list of. To find a rental property. The article was saying that this is just the beginning that they've gone up 30%, but they're going to continue to go up because the impact of like property taxes going up significantly because property values have gone up. And everything for the owner is more expensive and that cost gets passed along to the renter. And I think what I understood from this article is that there's a lag. So where w where things started the pressure was on, in the, for sale market. The lag, it was kind of been a year and, you know, boom. why do you think it's affected you for counties that so strongly and not other parts of the country? I mean, there, there are other parts of the country that have been affected significantly. Like people got. But why do you think you county? Well, I think what I understand from the articles and probably what I understand from being a resident in Hilton head all these years is that the Sunbelt. So any of the areas in Florida and up through North Carolina, this area of the world is where everybody wants to live now that they can work remotely. They why freeze in Chicago, if you can work remotely and be by the beach.
Yeah. So now that pandemic's over, though, that's probably going to. People aren't gonna want to stay here. Are they? You're a rookie. So, so yeah, I mean, nothing's going to change, right? Like this, this is, this is actually just the beginning. I agree with you. So this new way to work is made places like Hilton head island. You'll Hilton head island five years ago would be a tough place to earn a really great living because the industry options were limited.
Right. But now this, this work remote, it has made a place like Hilton head island. Really popular. Last question. Okay. So the article talks a lot about people coming from other areas, right. To here. What about the fact that like somebody coming from San Francisco or Chicago, right? Isn't our cost of living still way less than what they experienced back there? Yes. When I read the article and it pointed that out that Y. In Chicago, when you can work from warm sunny, South Carolina and your cost of living is going to be cheaper. It kinda kind of startled me for a second because I do know that our workforce here, that hospitality workers this is in a lot of cases right now, not affordable.So we are experiencing a crunch on that, on those folks and those folks. So as so, as. R folks who are working in other industries are coming to the island and pushing our service workers out. Then, you know, it affects all the industries, golf, tennis restaurants all the industries. If Margaret could I, and I know you have a couple of magic wands, but if you took one of your magic and a crown and you waved it and solved this problem, how would you solve it? Affordable housing? The island of course is only as big as it is so we can't make more. To build on but potentially the surrounding areas. One housing More housing in a better transportation, if we're going to move more. Yeah. Very good point. Very good point. Yep. Yep. Hi Margaret. Thanks for coming in. Thanks for having me. All right. So it's time to talk a little bit about Nate. Best I have here, Elizabeth Acuff. She's a Rotarian. And are you involved at all in Mayfest this year? I am. You are. We'll talk with. You really wanna know what I'm doing? Beer. I don't want the beer best job available. Maybe I can join. Yeah, sure. We'll see how that works out for ya. Going on, let's make this all about. So may Fest started 44 years ago. started that in 2009. It had gotten so large that rotary came in and decided to assist in facilitating the you know, the whole event because we have over 150 vendors this year with arts and crafts. We also have music set up different music artists or set up singles that there'll be throughout. And then we've got food stations and things are ugly. Dog contest. There is an ugly dog contest, epic. It is so something, they started a while back, but it's one of the biggest draws for Bluffton because as we all know, all the furry. Part of our families. They're so welcoming all of town of Bluffton. So there's no such thing as an ed week dog. They're all so cute. They're so ugly. They're cute. What do people need to know about mate? Best done. Get there early. What are the hours? What do they brings? Mayfair starts at 10:00 AM to 5:00 PM. It's always every year. It's the Saturday before mother's day. So you know, there are places to sit places to eat and there will be a hand sanitizing stations and things throughout also water facilities for your dogs. So you don't really have to bring anything, just wear comfortable shoes and just enjoy being around the town of Bluffton and come see you for a beer. Come see me for a bit. Yeah. Yeah. Thanks for coming in. Thanks. All right. Now it's time for the mailbag. Jakey Britton asks a follow up quick. To my wonderful idea about tunnels instead of bridges would eliminating the first few traffic lights onto the island with some sort of overpass solve the delay. I'm not a traffic specialist. I don't know. I know right now it kinda sucks. I'd love to see them do something that would move the traffic along. You know, it just, it's crazy to me, you know, if we're going to have a bunch of lanes, why can't we shift the lane back in. There's PR probably told me. So somebody would probably tell me a really good reasons why we can't do that. But like in the morning we need more people, more ability, more bandwidth for people to come on the island and in the afternoon almost nobody's coming on the island and we need more bandwidth to get people off. So why can't we have like a flexible lane or something? To help alleviate some of it. I know that's probably a stupid, stupid idea, but I'm a real estate agent, not a traffic specialist. Second question. Cameron asked, I came very close to buying a short-term rental property in 2018. And chicken'd out. --They said this not me-- like an idiot is now a good time to try and find another one. Or should I wait until prices? Lower? Cameron prices are not going to go lower me. What I would do is I'd find something. If you're going to get some financing, I wait for a little dip in interest rates. I don't think interest rates are going to go remarkably lower. I think they might go a little bit higher. So just wait for that day where there's a little bit. Lock in, get on with life, start enjoying the second, the second home rental property. That'd be my suggestion. And next week, make sure you come back. I'm going to be missing out on the next two episodes going to be doing some training elsewhere. But come on back next week, we're gonna have a special guest host and we're going to talk about bluffing to you.