Why Should I Purchase a Rental Property in Cary, NC
Does Cary, 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 Cary, NC property management company can help.
Does it make sense to invest in Cary, NC?
Before deciding on a city to invest in, the first step is to identify your strategy and goals. Then ask yourself “does this city’s investment opportunities align with my strategy and help me achieve my goal?” To answer that question, you need to look at data about the city and the current real estate trends.
About Cary, NC
Cary, NC is a medium-sized city just outside of Raleigh. It is an affluent, highly educated area with an unusually high number of white-collar workers (91%). Cary is very family-friendly and offers high quality schools, low-crime, and convenience to the entire Triangle area.
- Population: 168,160
- Median age: 36.6 years
- 7th largest community in North Carolina
- Good schools
- Low Crime
- High college-educated population
- Cost of living is below the national average
- Convenience to RTP (Research Triangle Park)
- Named Money Magazine’s best place to live
Cary is centrally located in the Triangle area making it convenient to Raleigh, Durham, Chapel Hill and RTP. It You will find three of North Carolina’s top universities nearby: NCSU, UNC-Chapel Hill, and Duke University. Boating and camping at the lakes in the Triangle area is a popular weekend activity, and Cary is short drive to Falls Lake and Jordan Lake.
Real estate in Cary
- $401,815 average home value
- 3.6% appreciation in the last year
- 6.5% appreciation expected over the next year
- 46% appreciation over the last 10 years
Homes in Cary consistently rank among the most expensive in the country. However, it has also been one of the highest appreciating communities over the last 25 years. Cary has a mix of older “Brady Bunch” style homes, townhomes, and large, newer homes.
Most Affordable Neighborhoods
- Woods of Kildaire Farms
- Williamsburg Manor
Economy and Industry in Cary NC
- $81,289 median income for homeowners
- 8 Fortune 100 companies
- 14 Fortune 500 companies
- 18 global companies
- 3.2 % unemployment rate
- $225 Million approved infrastructure projects
Home to tech companies like SAS and Epic Games (creators of Fortnite),Cary has a healthy local economy powered by industries that include information technology, life sciences, clean technology, and advanced manufacturing. Available jobs in the area include professionals, managers, sales, and office workers.
Cary is a growing city with some of the best appreciation in the nation.
If appreciation is what you are looking for in an investment property, you might want to look further in the Cary, NC area. If Cary doesn’t fit your strategy, Mynd has offices in over 19 markets. We can help you find a market that fits your strategy or help you diversify your portfolio across several markets.
How to Accurately Set Rent for my Cary, NC Rental Property
As an investor, you want to set your rent rate to maximize your also minimizing vacancy by renting it quickly to a quality tenant. The market determines the rent rate, and several factors can affect the rent you will be able charge.
- Are you renting during the prime rental season?
- How is the economy in the city?
- What are the city trends? Is the city growing?
- What are the market trends? Are they building a lot of single-family homes?
- What type of properties are renters looking for?
Rental market in Cary, NC
- $1,220 average rent for an apartment
- $1,575 - $2,200 average rent for a 3-4 bedroom apartment or home
- 3% increase in year over year change in rent levels
- 61% of units are single family homes
With Cary being a great area to raise a family, you find a lot of 3, 4,and 5 bedroom homes. Townhomes are extremely popular in the area.
- 26% renter occupied
- 73% owner occupied
The majority of homes are owner occupied. Because homeowners tend to take care of their homes, your home value will benefit. If you want to learn more about the rental market, contact Mynd’s Cary property manager.
Mynd offers a FREE rental analysis to help you find out what you can expect to rent your property for in the area. Mynd is available to offer valuable expertise and insight while you are looking for the right investment property. Once you have purchased your rental, Mynd is ready to handle the day to day operations that are critical to the success of your investment business.
Why Should I Hire a Property Management Company in Cary, NC
Does it make sense to hire a Cary property management company?
When you own a rental property, you own a business. Your success is dependent on how the property is managed. Being a landlord is more than finding a tenant. You have laws and regulations you must comply with. Having systems and procedures in place that protect your tenant as well as your investment is critical.
Day to day operations of your rental property
A property manager takes care of the operations portion of your investment. That includes tasks such as:
- Marketing and advertising the property
- Taking applications and screening tenants
- Lease signing and enforcement
- Rent collection and eviction if necessary
- Handling maintenance issues
Laws and Regulations
Each of the tasks listed above may have laws and regulations that apply to them. As a landlord, it is your responsibility to comply with laws such as Fair Housing. Mistakes can cost thousands of dollars.
What is your time worth? If dedicating hours each month to keep up with the ever-changing laws doesn’t appeal to you, you might want to hire a property management company. Mynd’s property managers know the current laws that apply to your rental property. We have in-house counsel that is there to ensure our systems and procedures follow local, state, and federal laws.
Some of the laws that apply to a rental in Cary, NC include:
- License Law
- North Carolina State Fair Housing Act
- Vacation Rental Act
- North Carolina Homestead Laws
- North Carolina Rental Agreement Laws
As a self-managing landlord, you will be the one taking that middle of the night emergency maintenance call. If you hire Mynd, we will take care of that for you. We have access to quality vendors to handle any maintenance requests. If you are an out-of-town investor, this will give you peace of mind that your property is being cared for.
Common home issues in the area
- Foundation issues in older homes
- Drainage issues have become a recent problem causing flooding during heavy rains
Mynd’s property managers are familiar with these types of issues and know how to handle them.
Hiring a Cary property management company
If you are looking for property management in Cary, NC, contact us at Mynd today. We offer three tier pricing so you can select the level of service that fits your needs. We would like to be your property management company of choice for your entire portfolio in over 19 markets.
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