What Strengthens Greenville's Real Estate Market?
The Greenville real estate has continued to witness an upward trajectory despite the COVID 19 pandemic. The steady growth is attributed to the government’s decision to reopen the economy following the initial closure to curb its spread. It is an exciting city full of small businesses and industries. The following factors have strengthened the growth of real estate.
Low Unemployment Rate
First, real estate has benefited from a low unemployment rate. Due to the availability of steady employment, people have migrated into Greenville seeking job opportunities. The data collected show that approximately 3000 remote workers have moved into the city because of the nice weather, affordable houses and job opportunities. When there is a low unemployment rate, the demand for housing increases; this explains the influx of real estate in Greenville.
Greenville city has a diversified economy with the existence of several large manufacturing companies. They include Michelin, Lockheed Martin and BMW. The North American Headquarters of Michelin, which is the largest tire maker, is located in Greenville. Also, BMW has its largest car manufacturing plant in this region. These manufacturers and other small businesses have led to an increase in job opportunities in this city. With the increase in job seekers, the city has recorded a population growth of 60%. The growth has benefitted the home builders. Therefore, the combination of the high population and availability of jobs in Greenville makes it a perfect location for real estate investors.
Also, the healthcare sector has benefitted the growth in real estate. The city has two of the largest hospitals: Prisma Health and Bon Secours St. Francis Health System. The two hospitals have registered a total of 20,000 employees. All these employees in two hospital settings mean that healthcare has contributed to increased employment in the city. With this in mind, employees require affordable housing in safe environments. Also, building houses around the hospital will become advantageous to them. Therefore, real estate investors have realized this opportunity, leading to a boom in housing markets.
The city is also the main distribution center for the South region. This is because it is located centrally between Charlotte and Atlanta. Also, it is the location of large-scale manufacturers in this region. The distribution point is located in this area to increase efficiency and time management. The distribution points have created jobs for many people, including truck drivers. Therefore, it is important to increase the rental supply in the region. This will relieve the housing market pressures of tight housing supply.
Lastly, real estate in this area has benefitted from strong employment in technology. The city has ventured into technological advancements. Large manufacturing companies like IBM are now using technology to carry out their activities. Also, small startup businesses have embraced new technologies. These companies have been drawn to the region due to the availability of higher education facilities. All these factors necessitate the need for an increase in the supply of housing. This is because an increase in technology companies will lead to an increase in the employment rate. Also, students need a place to live. Therefore, there is a need for real estate investors to increase the rental options available in the city.
Posted by Website Programmer on