Why Should I Purchase a Rental Property in Concord, NC
If you are considering investing in Concord, NC, first confirm that the demographics, home prices, and rental return fit your rental property investing plan. Learn how setting your rent rate correctly and finding an experienced Concord, NC property manager can improve your success as an investor.
It is important to research an area before you invest.
Investment decisions should be based on the data rather than gut feelings. You want to remove emotion out of the purchase decision. Learn what types of properties people are looking for in Concord. Do the returns in appreciation or cash flow fit your requirements? Is the city growing? What is the job growth, days on market, and occupancy rate? Is the area supported by a bigger city nearby? The answers to these questions help you better understand the health of the city and the potential return on a property. This allows you to make smarter investment decisions. You want to invest in markets that are seeing home price growth.
About Concord, NC
Concord is a growing, suburban city just outside of Charlotte. It is home to NASCAR’s Charlotte Motor Speedway, and many of the NASCAR teams are based in Concord and surrounding cities. Once a small textile town, the city is experiencing record growth and is four times the size it was in 1980.
- Population: 87,607
- Cost of living is 7% below national average
- Median age: 37.4
- Median household income: $60,238
- Good schools and family friendly
- #32 Healthiest Cities
- #35 Most Competitive Private Colleges
Real estate market in Concord
- $203,500 current average home value
- 10% appreciation over the last year
- 29.5% appreciation over the last 10 years
Concord has been experiencing significant appreciation. If this is part of your investing strategy, it may be worth looking for available opportunities. Currently homes are selling after 47 days on market. There are a wide variety of properties for sale that vary in price, age, and unit type, so you should be able to find a property that fits your budget.
Top ranked towns close to Concord include:
- Kannapolis, NC
- Landis, NC
- China Grove, NC
Economy and Industry
- 2.6% recent job growth
- 46.6% future job growth
Many jobs in the area are in the education, finance, and accommodation industries, and the largest employers are Carolinas Medical Center and Cabarrus County Schools. The area benefits from the tourism created by its NASCAR presence that includes Charlotte Motor Speedway, several NASCAR teams, and car museums. Some residents commute into Charlotte for work, so the city benefits from Charlotte’s economy as well.
The Concord area is experiencing significant growth and offers investors appreciation. If you are looking for cash flow, you will need to run the numbers to see if the return meets your requirements. Mynd’s property managers can help you determine what renters are looking for in a property and which locations are best for rentals.
How to Accurately Set Rent for my Concord, NC Rental Property
To maximize return and reduce vacancy time, you want to set the rent rate at the right level. The current rental market will tell you what you can charge. Keep in mind several things can affect the rent rate and vacancy time such as:
- Time of year – Are you looking for a tenant during the prime leasing season?
- Location – Is the property in a great school district? Does it have quick access to a highway?
- Allowing pets – Do you allow pets in the home? Not allowing pets can reduce the potential applicant pool for your rental property.
- Property type and size – Is your property what renters are looking for as far as size, amenities, and location?
Rental market in Concord, NC
- $980 average rent for a 2-bedroom
- $1,320 average rent for a 3-bedroom
- Average days on market: 38 days
- Occupancy rate: 93%
It is important to know what the average days on market is so you can budget for the vacancy time.
- 28% renter-occupied
- 71% owner-occupied
Having more owner-occupied properties than renter-occupied is good news for your investment property. Owners that live in their properties tend to maintain their homes in a way that protects the property value, and your property will benefit from that.
Want to know what your property will rent for? Contact Mynd for a FREE rental analysis. We utilize both our proprietary operational data and comparable MLS and off-market listings to create a rental rate projection customized for your property.
Why Should I Hire a Property Management Company in Concord, NC
When looking for Concord property management company, make sure the company aligns with your goals. If you own single-family homes, look for a company that manages that type of property. If they mostly manage apartments, that isn’t going to be the best match for you. Don’t be afraid to ask questions when shopping for a management company. Ask about the types of properties they manage, eviction rates, average days on market, etc.
What is the advantage of hiring a Concord property manager?
You are gaining a valuable member of your team that will take care of the day-to-day operations, free up your time, and ensure your property follows property code, laws, and regulations that apply.
If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time. Keeping up with all the laws you must comply with can be a heavy burden, especially across multiple markets.
Maybe you got into owning investment property because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself. You thought you were gaining free time and ended up having a second job. A Concord property management company will take care of the operational part of your business for you.
A property manager will handle the operations portion of your investment. This includes tasks such as:
- Marketing the property
- Taking applications and screening tenants
- Handling lease signing, enforcement, and renewal.
- Evicting a tenant if it becomes necessary.
- Taking care of maintenance requests.
Common maintenance issues in the area include:
- Gutter cleaning
- Carbon monoxide and smoke detectors
- Faulty furnace or exhaust venting
Your property manager will know how to handle these issues, and they have access to quality vendors at a discount. If you are an out-of-town investor, having someone local taking care of the home can give you peace of mind that your property is being cared for.
Laws and Regulations
A property manager will ensure that your property complies with the every-changing local, state, and federal laws and regulations. Their policies and procedures follow the law. For example, they know what questions can and cannot be asked on an application to avoid Fair Housing violations. Mynd ha sin-house counsel to ensure our processes follow the laws.
If you are self-managing the property, you will need to research the laws on a regular basis to keep up with the changes. A violation can cost you thousands of dollars. Ask yourself what your time is worth? Do you feel like you are informed enough about the laws you need to comply with? Most investors don’t buy rentals to have a second job. Your time may be better spent elsewhere and hiring a property manager may make sense for you.
There are many real estate laws that apply to your Concord rental property including:
- North Carolina Tenant Rights Laws
- Property Line and Fence Laws in North Carolina
Ready to hire a Concord property management company?
A good property manager helps you make smart decisions, takes care of the operations portion of the business, and ensures your property is following the laws. Contact us today at Mynd about property management in Concord or for help finding your next investment property in one of the 20 markets we serve across the country. We offer three tiers of pricing for our management services.
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