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Blog: 15 Areas in Greenville, SC to find great rental properties


Realtor.com has named Greenville, South Carolina, as one of the top 10 housing markets positioned for growth in 2023. With an expected 11.4% increase in home sales and a predicted 5.7% rise in prices, Greenville is an attractive location for real estate investors.


The population growth and a strong job market have contributed to this position, making Greenville a hotspot for potential buyers. The area's value for rental property investment is also high, with rising home values and rent prices adding to the attraction.


Key takeaways

Greenville is home to nearly 71,000 residents in the city and almost 1.5 million in the metropolitan area. Home values in metropolitan Greenville have increased by 18.6% over the past year, while rent prices have grown by 21% year over year. Neighborhoods in Greenville with more renters than homeowners include Anderson, Spartanburg, and the city of Greenville.


Why invest in Greenville?

Population growth in Greenville and most of the 10-county upstate South Carolina region was among the largest in the state, with the influx of new residents creating a shortage of available housing.


As The Post and Courier Greenville reports, Greenville added more new residents than almost any other county in the state since 2010, while Spartanburg County also saw double-digit population growth.


Population growth in Greenville is also helping to keep the job market robust. Unemployment is down to just 3.2%, with job sectors such as manufacturing, trade and transportation, and financial activities showing the most growth (Bureau of Labor Statistics, January 2022).


Rising home values in Greenville are also helping to keep the demand for rental property strong. Zillow reports the typical value of a middle-price -ier home increased by 18.6% year over year, while monthly rents for 3-bedroom properties grew by 21% over the past year, according to Zumper.


Greenville, South Carolina, consists of 2 dozen different neighborhoods, 10 counties, and about 100 cities and towns in the metropolitan area.


Here are 15 areas in Greenville to consider for investment properties, based on data from:

  • Niche.com (population, median rent, percentage of renter-occupied households, and median household income)
  • Redfin (median sales price, change in sales price, and days on market)

Greenville

Greenville has more renters than homeowners, making the city a good place to consider for buying investment property. Greenville is the sixth-largest city in South Carolina, has an urban-suburban feel, and is located midway between Charlotte and Atlanta:

  • Population: 70,720
  • Median sale price: $318,000
  • Change in sales price (year over year): 21.3%
  • Days on market: 41
  • Median rent: $984
  • Renter-occupied households: 56%
  • Median household income: $56,609
  • ZIP codes: 29601, 29604, 29609, 29615

Spartanburg

Spartanburg is another city in the Greenville metropolitan area with more renters than homeowners. Located 30 miles northeast of Greenville via I-85, Spartanburg has a dense suburban feel and is ranked as one of the best places to live in Spartanburg County by Niche.com:

  • Population: 37,424
  • Median sale price: $197,500
  • Change in sales price (year over year): 2.0%
  • Days on market: 28
  • Median rent: $810
  • Renter-occupied households: 54%
  • Median household income: $40,053
  • ZIP codes: 29301, 29304, 29307, 29319

Anderson

Located 30 miles southwest of Greenville, the city of Anderson also has more residents who rent their homes than own. Anderson is home to AnMed Health Medical Center and Anderson University and has a dense suburban feel:

  • Population: 27,289
  • Median sale price: $220,000
  • Change in sales price (year over year): 10.4%
  • Days on market: 34
  • Median rent: $761
  • Renter-occupied households: 53%
  • Median household income: $33,351
  • ZIP codes: 29621, 29622, 29624, 29625

Greenwood

Greenwood is midway between Greenville and Augusta and is another popular city for renters. Greenwood has a sparse suburban feel, good options for dining and entertainment, and more renters than homeowners:

  • Population: 23,269
  • Median sale price: $240,000
  • Change in sales price (year over year): -10.5%
  • Days on market: 39
  • Median rent: $719
  • Renter-occupied households: 53%
  • Median household income: $33,699
  • ZIP codes: 29646, 29647, 29648, 29649

Greer

Greer is home to the BMW manufacturing plant and the North American Headquarters for Michelin North America. Greer is 15 miles northeast of Greenville, near the suburbs of Taylors and Wade Hampton, and has a dense suburban feel:

  • Population: 30,854
  • Median sale price: $301,000
  • Change in sales price (year over year): 17.5%
  • Days on market: 41
  • Median rent: $917
  • Renter-occupied households: 38%
  • Median household income: $61,744
  • ZIP codes: 29365, 29651, 29652, 29687

Mauldin

Mauldin is located near the intersection of I-385 and I-85, about 12 miles southeast of Greenville. Mauldin is ranked among the best suburbs to live in the Greenville area by Niche.com and has seen home prices rapidly rise over the past year:

  • Population: 25,217
  • Median sale price: $305,000
  • Change in sales price (year over year): 42.1%
  • Days on market: 22
  • Median rent: $1,002
  • Renter-occupied households: 30%
  • Median household income: $67,860
  • ZIP codes: 29607, 29662, 29681

Easley

Niche.com ranks Easley as one of the best places to live in Pickens County. The city has a sparse suburban feel with lots of parks, and is home to Prisma Health Baptist Easley Hospital:

  • Population: 20,923
  • Median sale price: $259,495
  • Change in sales price (year over year): -0.4%
  • Days on market: 38
  • Median rent: $762
  • Renter-occupied households: 36%
  • Median household income: $52,414
  • ZIP codes: 29640, 29641, 29642

Simpsonville

Simpsonville is 15 miles southeast of Greenville, near the intersection of I-185 and I-385. The city has a sparse suburban feel with a lot of parks nearby:

  • Population: 22,234
  • Median sale price: $345,000
  • Change in sales price (year over year): 13.0%
  • Days on market: 51
  • Median rent: $1,059
  • Renter-occupied households: 25%
  • Median household income: $71,990
  • ZIP codes: 29680, 29681

Taylors

The suburb of Taylors is 9 miles northeast of Greenville, near the cities of Wade Hampton and Greer. Taylors is a short distance from 2 Greenville Technical Colleges and Bob Jones University, and has a sparse suburban feel, with a lot of restaurants and parks:

  • Population: 22,230
  • Median sale price: $299,500
  • Change in sales price (year over year): 28.8%
  • Days on market: 41
  • Median rent: $917
  • Renter-occupied households: 27%
  • Median household income: $61,667
  • ZIP codes: 29609, 29650, 29687

Wade Hampton

Wade Hampton is ranked as the second-best place to live in Greenville County by Niche.com. Located 6 miles northeast of Greenville, Wade Hampton has a dense suburban feel and a lot of restaurants and parks:

  • Population: 20,906
  • Median sale price: $291,000
  • Change in sales price (year over year): 26.5%
  • Days on market: 78
  • Median rent: $907
  • Renter-occupied households: 37%
  • Median household income: $54,331
  • ZIP codes: 29609, 29615, 29687

Clemson

Clemson is home to Clemson University, a leading upstate South Carolina public research institution. Located 35 miles southwest of Greenville, Clemson has a dense suburban feel and more renters than homeowners:

  • Population: 16,463
  • Median sale price: $325,000
  • Change in sales price (year over year): 13.0%
  • Days on market: 28
  • Median rent: $928
  • Renter-occupied households: 58%
  • Median household income: $43,568
  • ZIP code: 29631

Gaffney

Known as the “Peach Capital of South Carolina,” the small city of Gaffney is located 50 miles northeast of Greenville via I-85. Gaffney has a sparse suburban feel, and nearly half of residents rent their homes:

  • Population: 12,582
  • Median sale price: $240,000
  • Change in sales price (year over year): -17.0%
  • Days on market: 58
  • Median rent: $689
  • Renter-occupied households: 48%
  • Median household income: $31,047
  • ZIP codes: 29340, 29341, 29342

Berea

Berea is 5 miles northwest of Greenville, near Furman University and the Greenville-Pickens Speedway. Berea has a sparse suburban feel, and nearly half of residents rent their homes:

  • Population: 14,652
  • Median sale price: $216,250
  • Change in sales price (year over year): 20.1%
  • Days on market: 49
  • Median rent: $774
  • Renter-occupied households: 44%
  • Median household income: $37,125
  • ZIP codes: 29611, 29617

Five Forks

Five Forks is one of the most affluent suburbs of Greenville and is ranked as the best place to live in the Greenville area by Niche.com. Located 12 miles southeast of Greenville, Five Forks has a rural feel, with a lot of parks and nearby dining and entertainment options:

  • Population: 17,844
  • Median sale price: $409,132
  • Change in sales price (year over year): 3.3%
  • Days on market: 33
  • Median rent: $1,635
  • Renter-occupied households: 10%
  • Median household income: $114,049
  • ZIP code: 29681

Gantt

Gantt is 7 miles south of Greenville, near Greenville Memorial Hospital and Donaldson Center Airport. The city has a sparse suburban feel, a lot of restaurants and parks, and a large proportion of renters:

  • Population: 15,138
  • Median sale price: $215,500
  • Change in sales price (year over year): 18.9%
  • Days on market: 39
  • Median rent: $809
  • Renter-occupied households: 44%
  • Median household income: $38,341
  • ZIP codes: 29605, 29673

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Why Residential?

By Christian O'Neal • February 13, 2025
The fundamental need for housing is universal—everyone requires a roof over their head. In the United States, however, we are facing a significant shortage of housing. According to the National Multifamily Housing Council, an additional 4.3 million units will be needed by 2035 to meet growing demand. Much of this demand is driven by migration to expanding lower cost cities and away from high tax, high cost metros, a trend accelerated by the widespread adoption of remote work during the pandemic. This trend has reshaped the housing landscape, creating a compelling opportunity for investors. While there are numerous investment strategies available, each with its own set of risks, residential real estate stands out. Over the past three decades, multifamily rentals have consistently delivered the highest risk-adjusted returns in commercial real estate. Why? Because housing is an essential need, regardless of economic conditions. At AEG, we are strategically developing both for-sale and rental housing, allowing us to adapt our approach to changing market dynamics and maximize returns while mitigating risk. Here’s why we are confident in the strength of residential housing as an investment: Land is Finite: Unlike many other asset classes, land cannot be created or expanded. The supply is fixed, and the demand for housing continues to grow. In the foreseeable future, virtual spaces like the metaverse will not replace the fundamental human need for physical shelter. Residential Housing is Non-Discretionary, and It's Supported by Government Liquidity: Housing is the only non-discretionary asset class. If it weren’t, we would see similar government support for other sectors like retail, office, or industrial real estate, but we don't. The federal government provides liquidity to the multifamily housing market because it is a fundamental need. This support drives down the weighted average cost of capital (WACC), making housing assets attractive to investors. This consistent access to capital compresses cap rates, creating a floor on the market (to an extent), fueling long-term growth and demand from investors big and small. Rents Tract with Inflation, and It is Rare to See Negative National Rent Growth: Rents reset every year as cost increases are passed off to tenants via annual lease contract resets. Since the beginning of recorded history, national rents have only gone negative year over year three times: the Spanish flu of 1918, the Great Financial Crisis, and during the Covid-19 pandemic. While yearly gains in rental cashflow streams will not make you wealthy, they are without a doubt very stable cashflows, historically speaking. There is no similar liquidity for for-sale housing, but its non-discretionary nature still gives it a strong investment profile. In growth markets like South Carolina's tertiary cities, the influx of new residents is fueling demand across all price points, further strengthening the residential sector. We believe in our residential investment thesis for both macro and local fundamental reasons. If interest rates remain high, new construction will slow even further. Meanwhile, homes in desirable locations will remain in high demand as many homeowners—especially those with low-rate mortgages—are unlikely to sell. According to the latest third-quarter data from the FHFA, 73.3% of U.S. mortgage borrowers now have an interest rate below 5.0%, a decline of 12.2 percentage points since Q1 2022. This significant shift in mortgage rates creates a unique dynamic: many homeowners are effectively "locked in" to their current homes, preventing them from moving and creating a looser supply in the for-sale market. As a result, home prices are expected to remain elevated in high-demand areas. While values may remain relatively flat in real terms over the next few years, on a nominal basis, they are expected to rise, particularly in growing markets. If interest rates decrease or economic growth drives up rental demand, build-for-rent communities could become more viable. However, they are not yet penciling out as attractive investments because growth has stalled - but, that is about to reverse. Thanks to our strategy and access to land—often without burdening our balance sheet or stretching our resources—we are able to remain nimble and pivot towards the most attractive risk-adjusted yields. As we navigate an uncertain economic environment, several factors support the ongoing strength of the residential housing market: slow housing starts, higher interest rates, and a large percentage of homeowners sitting on mortgages with sub-4% rates. These dynamics, along with strong demand in high-growth areas, reinforce our belief that residential real estate will remain a compelling investment in the years to come. At AEG, our focus is on developing attainable, high-quality housing, from custom spec homes, to mini-farm tracts, to higher density townhome projects. This flexibility allows us to serve a wide range of income levels and tailor our strategy to market conditions. With a commitment to quality finishes and high end products, we appeal to buyers regardless of economic conditions, providing us with a tighter, more predictable cash conversion and days on market cycle, unlike some of our competitors. By seeking out individually parceled deals, we reduce overall risk and remain agile in our decision-making.
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