Why Should I Purchase a Rental Property in Gastonia, NC
Before purchasing rental property in Gastonia, NC, it is important to research the area to determine if the market is right for you. A Gastonia property manager has access to valuable data to help you make smart investment decisions.
It is important to understand the economy and potential growth of the city you are looking at before investing. What makes the area attractive to renters and investors? Does it fit in your rental property investment plan? Let’s take a look at Gastonia, NC.
About Gastonia, NC
Gastonia, NC is located just minutes west of Charlotte and rich in history. Many residents commute to jobs in Charlotte but choose to live in a quieter setting on the outskirts. The city is close to beautiful mountains that offer a variety of hiking, fishing, and camping opportunities. Gastonia is located in the heart of NASCAR country as 90% of teams are based near the Charlotte area. In addition to Charlotte Motor Speedway, there are over ten racetracks in the area.
- Population: 77,024 (2018)
- Median age: 38
- Good Schools
- Cost of living is 15% below the national average
- $43,985 median household income
Awards and recognition Gastonia has received include:
- #7 Most Energetic Cities
- #9 for Best Baseball Cities
- #12 for Best Cities for Teleworking
- All American City – three times
- US Conference of Mayors top Livability Award
Real estate in Gastonia, NC
- $151,300 average home value
- 10.5% appreciation in the last year
- 33.1% appreciation in the last 10 years
Economy and Industry
- 2.6% job growth in the last year
- 43.4 future job growth
Job growth in the area is above the U.S. average. The main industries in the area are manufacturing, healthcare, and retail. As a part of the Charlotte Metro area that includes Charlotte, Gastonia, and Concord, it benefits from the industries and economy in the Metrolina area.
If your strategy includes appreciation, Gastonia may be a place you want to look for investment opportunities. If you are also looking for cash flow, run the numbers to see if that is possible. You want to use accurate data to estimate your returns and determine if this market fits your strategy and helps to get you to your goal.
How to Accurately Set Rent for my Gastonia, NC Rental Property
As an investor, you want to maximize your return and reduce vacancy time. It is important to offer your property at a market rate that achieves that goal. The market determines the rate, so look at some comparable properties. Make sure you are only looking at properties like yours in size, number of bedrooms, and unit type. This will give you a more accurate idea of what your property will rent for.
Just because you rented the property in the past for a certain amount doesn’t mean it will rent for that today. It could be more, and it could be less. There are several factors that can affect the rent rates in an area such as:
- Is the city growing? Rents tend to grow with a city.
- How is the economy in the city?
- Are you offering a property type people are looking for?
- Are you renting during the prime leasing season when there is more demand? Summertime tends to see properties rent faster than wintertime.
Consider adding any amenities that renters are looking for to increase interest and potentially increase rent.
Rental statistics for Gastonia NC
- $893 for a 2-bedroom
- $1,207 for a 3 bedroom
- Average days on market: 43 days
- Occupancy rate: 79%
Knowing the average days on market is important so you can plan for the vacancy period. There is a significant rent rate difference in the area for a 2-bedroom compared to a 3-bedroom. When purchasing a rental property in the area, you might want to run some numbers to see if investing in the 3rd bedroom home gives you a significant increase in return over a 2 bedroom. Knowing information such as this before you buy helps you make smarter decisions when it comes to investing in the right type of property.
- 37% renter occupied
- 62% owner occupied
There are more owners than renters in Gastonia. Owners tend to take good care of their property, and your rental property will benefit from that when it comes to home values. If you want to know what your property will rent for, Mynd offers a FREE rental analysis.
Why Should I Hire a Property Management Company in Gastonia, NC
Treat owning rental property as the business it is
How your business is run will determine your success and the return you see. Purchasing the property is just the first step. Hiring an experienced property management company in Gastonia helps ensure the operations side is taken care of. This can be essential if you are managing property remotely. This includes tasks such as:
- Getting the property rent ready and making sure it is up to code
- Marketing and advertising the property
- Screening applications to find a quality tenant
- Lease signing and enforcement
- Handling maintenance issues and emergencies
- Collecting rent and evicting if necessary
- Handling early lease termination
- Ensuring that laws regarding tenant safety are being followed
Typical maintenance issues related to rental property in Gastonia:
- Make sure you have an indoor tornado-safe room
- Septic system operation
- Heating system checks
Compliance with Laws and Regulations
One of the most important things a property manager can do for you is to make sure your rental property complies with local, state, and federal laws that apply to it. These laws constantly change, and as a landlord you are required to comply with them. At Mynd our property managers are knowledgeable about these laws, and we have in-house counsel that ensure our policies and procedures comply with the current laws.
Examples of Laws and Regulations that apply to your Gastonia rental property:
- North Carolina Adverse Possession Laws
- North Carolina Civil Statute of Limitations Laws
- North Carolina Homestead Laws
Ready to hire a Gastonia Property Manager?
Whether you are looking for an investment property or management services, Mynd is here to help. Our three-tiered pricing program allows you to select the level of management you need. Contact us today about Gastonia property management services.
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