Why Should I Purchase a Rental Property in Harrisburg, NC
Thinking about investing in Harrisburg, NC? Learn why it is an attractive area for investors and how to accurately set your rent. Discover how a Harrisburg, NC property manager can be an asset in your investment business.
When determining if Harrisburg is the right place to purchase a rental property, what should you be looking for?
Base your decision on the data. Research trends such as average rent for the area, time on market, and average home prices. Running the numbers before your purchase leads to making better, informed decisions. Is there going to be negative or positive cash flow? What kind of appreciation can you expect? These numbers should provide you realistic expectations based on the current market and expected growth. Use the data to determine if purchasing in Harrisburg fits in your rental property investment plan.
About Harrisburg, NC
Harrisburg is a mid-sized suburb that offers residents a smaller town vibe with the convenience of an easy commute into Charlotte. Good schools, parks, and access to all forms of entertainment have attracted young families to the area.
- Population: 14,856
- Cost of living is 4% above the US average
- Median age: 36.3
- $90,872 median household income
- Good Schools
- Family friendly
- #23 for Cities on the Edge of Greatness
- #24 for Fiscally Fit Cities Report
Real estate market in Harrisburg
- $286,300 current average home value
- 7.6% appreciation this year
- 25% appreciation in the past 10 years
Harrisburg continues to grow and has experienced significant appreciation in home values.
Top nearby cities
- Mint Hill, NC
- Kannapolis, NC
- Concord, NC
Economy and Industry
- 2.6% recent job growth (above the national average)
- 46.7% future job growth (above the national average)
Many jobs in the area are in the finance, healthcare, and education industries. Many residents are commuters that choose to live in the suburbs while working in the Charlotte metro area. The area benefits from the strong economy next door that includes multiple Fortune 500 companies like Bank of America which is Harrisburg’s largest employer.
How to Accurately Set Rent for my Harrisburg, NC Rental Property
What is considered a good rate for your rental property? As an investor you are looking to rent the property quickly for the right amount of money. The market determines the rate you can charge, so offering a competitive rent will reduce your days on market.
Rental market in Harrisburg, NC
- $1,480 average rent for a 2-bedroom
- $2,000 average rent for a 3-bedroom
- Average days on market: 34 days
- Occupancy rate: 96%
When looking at comparable properties and what they are renting for, only consider the ones like your property in unit type, number of bedrooms, etc. As you can see from the average rents above, there can be a significant difference with just one additional bedroom.
- 19% renter-occupied
- 81% owner-occupied
The Harrisburg, NC area has mostly owner-occupied properties. Because owners living in their own properties tend to keep their homes updated and in good condition, your rental property will benefit from the protected home values in the area.
When investing in real estate, look for a property people will be interested in that also gives you the returns that fit your business model and goals. Mynd has access to proprietary data to help you answer these questions and determine what your home can rent for. Contact us today for a FREE rental analysis.
Why Should I Hire a Property Management Company in Harrisburg, NC
Selecting a Harrisburg property management company that aligns with your goals and strategy is important. Do they manage the type of property you own? In other words, it might not be the best fit to hire a company that only manages single family homes if you have an apartment complex. What is their eviction rate? What are their average days on market? Don’t be afraid to ask questions about how they handle day to day operations.
What does a Harrisburg property manager do?
An experienced property manager will handle the day-to-day operations of your business while ensuring everything follows the laws and regulations that apply. If you are a remote investor, having a local property manager keeping an eye on your property will give you peace of mind.
Day to Day operations include tasks such as:
- Getting a property rent-ready
- Taking pictures and video of the property for marketing
- Advertising the property
- Collecting applications and screening tenants
- Lease signing, enforcement, and renewal.
- Maintenance issues (regular, preventative, and emergency)
- Collecting rent and processing an eviction should that become necessary
Typical maintenance issues in the area include:
- Home check for lead based paint in older homes
- Flooring issues
- Electrical system issues
Laws and Regulations
Part of managing a rental property is ensuring that it complies with the local, state, and federal laws that apply. One mistake can cost a significant amount of money, so if you are self-managing you will need to commit hours a month to researching changes to laws. Most investors didn’t buy a rental to add a second job and prefer to have a management company take care of everything.
Almost every step in the day-to-day operation of a rental has a law that applies to it. There are things you cannot ask on an application without breaking a fair housing law. Does your screening process comply with discrimination laws? Who is responsible for the various maintenance issues that may come up?
A property manager is familiar with local, state, and federal laws. Their job is to ensure your property is up to code and compliant with the laws. Mynd has in-house counsel to ensure your property is protected and policies, procedures, and processes follow the laws.
Examples of laws that apply to Harrisburg, NC homes include:
- North Carolina Leases and Rental Agreements Laws
- North Carolina Security Deposit Laws
Hiring a Harrisburg Property Management Company
If hiring a property manager makes sense in your situation, contact Mynd today about property management in Harrisburg. We offer a three tier pricing structure for our management services so you can choose the level of service you need? Have properties in multiple cities? We have offices in 20 markets across the country.
Mynd is ready to be your valued partner in your investing business. Contact us today!
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