HomeUnion, an online real-estate investment management firm, added Columbia, South Carolina, to its list of active investment markets.
As a result, HomeUnion now offers single-family rental properties to investors in 23 markets.
HomeUnion explained that the rental market in the Columbia area is expected to grow as demand for rental homes outpaces housing inventory. Vacancy rates are projected to reach 6.7% at the end of the year, down 80 basis points from 2014.
This is fueling rent prices that are projected to grow 3.5% to $1,142 per month, HomeUnion said.
“The continued growth and stability in Columbia’s labor, due to the presence of active and retired military personnel as well as the civilian staff that supports the bases, combine to provide a solid economic base for SFR investments,” said Don Ganguly, CEO of HomeUnion.
“This solid labor base with its strong rental demand supports the high cash flow yields that our investors are seeking as an alternative to the bond and equity markets," he added.
At the beginning of this month, HomeUnion announced it is launching a new division, HomeUnion Lending, which will focus on lending to single-family rental investors.