Demand for Charlotte Rentals at Record High While Rental Rates Continue to Rise

By
Real Estate Broker/Owner with Showcase Realty LLC 183393

Charlotte, North Carolina, has seen over 11,000 apartments under construction so far this year, and will see an additional 13,938 before the end of 2017. Along with this record inventory of more rental housing in the Queen City, the demand has also skyrocketed, lowering the rental vacancy rate from 6.2% to 6.1%. Because of this demand and healthy supply of housing available, rental rates have risen.

Rent for Charlotte apartments has climbed to 7% more than 2016, for an average of $1,082, and apartments in the Uptown area are as high as $1,729. Lowest rates are at $715 if you go just north east of Uptown. Overall, the increase is blamed on the hike in cost of producing, while wages continue to remain flat, despite the competitive job market that exists in Charlotte and its suburbs.

 

Why Charlotte Has a Healthy Housing Market

Charlotte, NC might have high rental costs, but it’s still only ranked 4th highest in the south east region of the country; Asheville, NC tops the list for 1st highest, followed by Orlando, FL ranked at 2nd and Raleigh/Durham, NC 3rd. Charlotte’s good economy continues to attract new residents, and has a healthy mix of career opportunities. Charlotte is the 31st best city to live in America according to Niche’s 2017 list and is 19th on the top 25 cities for job seekers.   Most recently, the unemployment rate dropped across 98 of North Carolina’s counties, and in the Charlotte area it dropped to 4.4% from 4.7%, making it even lower than the national average of 4.5%, with over 9,000 jobs were available. Of these jobs, 3,400 were for business and professional services, and 2,100 came from recreation and hospitality.

 

Charlotte, NC Real Estate

If you are looking to invest in a rental property in Charlotte, NC to build your portfolio, now is a good time to do that. Many homes in the Charlotte area saw an increase in valuation of 5.3% in the last year, and properties in these top hottest-growing zip codes are worth the investment if you are interested in buying one or more homes for obtaining renters:

 

  1. West Boulevard – Freedom Drive 28208. Homes increased by 70%.
  2. Elizabeth – Cherry 28204. Homes increased by 28.5%.
  3. Yorkmont – Renaissance Park 28217. Homes increased by 26.3%.
  4. NoDa – Plaza Midwood 28205. Homes increased by 23.8%.
  5. Cotswold Foxcroft 28211. Homes increased by 22%.
  6. Mallard Creek University City North 28262. Homes increased by 16.9%.
  7. Sedgefield – Park Road Shopping Center 28209. Homes increased by 16.2%.
  8. Steele Creek 28278. Homes increased by 15.3%.
  9. Hidden Valley – University City South 28213. Homes increased by 14.2%.
  10. Eastway – Hickory Grove 28215. Homes increased by 10.7%

 

Do You Want to Buy or Rent a Charlotte Property?

Renters and Home Buyers, it’s an exciting time in the North Carolina real estate market! Showcase Property Management and Showcase Realty can help you find the perfect rental or home for sale.

For more information about Charlotte homes for sale or rental properties in any of the neighborhoods or suburbs in the area, contact us today at 704-997-3794 or send us a message here!

 

Agents, Showcase Realty is HIRING! 

Are you real estate agent looking for the perfect opportunity to grow your business in a professional and innovative environment?  VIsit www.GreatBrokerLeads.com to learn about us and to download our "Book of Benefits".

If you're ready to join a Top-Performing Real Estate TEAM, and serve ready-to-go clients, gain powerful coaching, business building and enjoy your best year yet, call me, Nancy Braun, at        (704) 997-3794, or email OfficeAdmin@ShowcaseRealty.net today!

Posted by

Nancy Braun

Owner & Broker in Charge

Showcase Realty,LLC

 

1430 S Mint St Suite 106

Charlotte, NC 28203

704-997-3794

704-625-2361 (f)

Comments (0)