Should I Invest in Rental Properties in Charlotte, NC?

The Myndful Investor Podcast

Should I Invest in Rental Properties in Charlotte, NC?

Rental Investor Starter Kit

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Does Charlotte, NC offer the investment opportunity you are looking for? Learn what to look for in a market to determine if it is a good fit for your strategy and how a Charlotte, NC property management company can help.

About Charlotte, NC

Nicknamed the Queen City, Charlotte is one of the 25 largest cities in the U.S  and recognized for its small-town charm. Its easy access to the beautiful NC mountains and Lake Norman, well-paying jobs in the finance and insurance fields, and local professional sports teams make it an attractive area to work and live in. Charlotte continues to grow faster than the national average and SmartAsset ranked it the5th most popular city where millennials are moving.

  • 872,498 population
  • Highly rated schools
  • $52,274 median household income
  • 22nd best places to live and retire

North Carolina is generally considered a landlord-friendly state because most legislation tends to lean in the landlord’s favor.  Keep in mind, Charlotte may have its own local landlord laws, and you must comply with both.

Charlotte property management

Economy and Industries in Charlotte

When analyzing a market for its investment potential, it is important to look at the economic drivers and trends. Look for a city that is experiencing continued growth and offers diversity in the industries that contribute to the city’s economy.  Charlotte offers both, so let’s look at some specifics about the economy in the area.

  • 2.3% job growth in the last year
  • 27,300 jobs added in the last year
  • 4.2% unemployment rate
  • 45% job growth expected over the next 10 years

Major Fortune 500 presence in Charlotte

The presence of large corporations in an area is a major indictor of the city’s economic strength. In 2019, over 200 Fortune 500 companies had a presence in Charlotte, and 14 Fortune 1000 companies had their headquarters located in the Queen City.  These corporations include Bank of America, Lowe’s, Coca-Cola Bottling Company, Duke Energy and Wachovia.

Employment industries:

  • Management operations
  • Sales jobs
  • Office and administrative support

Purchasing property in a popular neighborhood can reduce your days on market because of the demand for that area tends to be higher.

Hottest Charlotte neighborhoods

  • Southside Park
  • Reid Park
  • McAlpine
  • Denta/Statesville

 

If you are looking for a city that continuously attracts large corporations and is forecast to grow significantly, Charlotte may be the market you are looking for.  Mynd’s Charlotte property managers can help you determine if it is a good fit for your investment strategy.

If Charlotte doesn’t match your criteria, Mynd has offices in 19investible markets and access to proprietary data to help you find a market that best suits your strategy. Mynd can also help you diversify your portfolio across several markets and simplify your business with one property management company managing them all.

How to Accurately Set Rent for my Charlotte, NC Rental Property

How do you know you are asking the right price for your Charlotte rental property?

Are you asking to much and causing an increase on your days on market? Are you charging too little and leaving some revenue on the table? There are many factors that can affect what you can rent a home for, but the market ultimately determines the price.

Questions to ask your property manager

  • Are most rentals in the area single family, multi-family, or mobile homes?
  • What is the size home people are looking for?
  • How does proximity to schools or highways factor into price?
  • What are the market trends for rent prices?
  • Does any rent control legislation affect my property?

When doing rent comparisons in the area, make sure you are only looking at the homes that are similar in size and type to your rental property.

Real estate and rental statistics for the Charlotte area

  • $292,000 median house value
  • $1,425 average rent for 2 bedrooms
  • $1,620 average rent for 3 bedrooms
  • 43% renter occupied
  • 57% owner occupied

Home Types in Charlotte

  • 56% single family
  • 30% apartments
  • 7% townhomes

 

Statistics give you a glimpse into the health of the market.  Run the numbers to determine if you can expect cash flow, appreciation, or both.  Mynd offers Charlotte property management and can help you determine what your rental property will rent for on today’s market. Contact us today for a FREE rental analysis.

Why Should I Hire a Property Management Company in Charlotte, NC

Does it make sense to hire a property management company in Charlotte? How can a property management company help you get the most out of your investment?

Laws and Regulations

A property manager will ensure your property is complying with local, state, and federal laws and regulations. Almost all day to day operations involved in managing a property require compliance with  laws or rules.

  • Getting a property rent ready and complying with property code
  • Knowing what you can and cannot ask on an application
  • Understanding who is responsible for certain repairs (landlord vs resident)

The State of North Carolina has specific rules for security deposits collection and renewal fees that you must be aware of and comply with.

Day to day operations

What is your time worth? Property managers take care of the operations portion of your investment business, freeing up your time.

  • Marketing
  • Screening Tenants
  • Lease signing and enforcement
  • Maintenance issues
  • Rent collection
  • Owner payments
  • Lease renewal
  • Eviction if necessary

 Charlotte has a large student population.

Charlotte, NC has 17 institutions of higher learning including:

  • University of North Carolina at Charlotte – 24,000 students
  • Queens University of Charlotte – 1,733 students
  • Davidson College – 1,837 students

If you are interested in offering a property for student housing, keep in mind that it may require special care and attention that a property management company can help you with.

Ready to hire a property manager?

If you are interested in property management in Charlotte, contact Mynd today about our three tier pricing. We look forward to being your partner and helping you achieve success in your investment properties.

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