If you own an investment of rental property in Charlotte, chances are you will have a tenant signing a lease fairly quickly, especially if you use the services of a reputable property management company like Showcase Property Management with pre-screened tenants in waiting. Here are some facts on why now is the perfect time to put it on the rental market:
1. Charlotte is one of the fastest growing cities in the United States
As one of the fastest-growing cities in the U.S., Charlotte, NC continues to attract new residents and travelers each day, with no signs of slowing in the foreseeable future. There are continuous expansions to existing Charlotte neighborhoods, to include residential and commercial developments, as well as an expansion to Concourse A North at the Charlotte Douglas International Airport, which is now considered the 5th busiest airport in the nation.
2. Charlotte enjoys a robust economy with continuous job growth
With a robust economy, Charlotte’s job growth rate is at 3.5% with a future growth rate of 42.29%, much higher than the current national job growth average of 1.59% and future growth of $37.98%. It makes sense, then, that the population is expected to continue to where Charlotte may surpass its current population of 2.4 million to upwards of 2.8 million residents by 2025 in the greater metro area, and from 827.00 to at least 1.2 million within Charlotte’s city limits.
3. South End, Pollack Shores, Uptown and other Charlotte neighborhoods are top rental markets
Already in 2017, there are over 900 Charlotte homes for rent, to account for the growing trend of urban living spreading across all major metropolitan areas around the U.S. Among the most popular Charlotte neighborhoods for renters, South End remains on top, where Pollack Shores will be building 350 new apartments in South End set for 2018. Some of the other developments around Charlotte include Lennar Multifamily’s plans for two residential buildings in Uptown and Northwood Ravin’s high-rise on Stonewall Street.
4. Baby Boomers and Millennials rent homes near work and entertainment
Interestingly enough, the two segments of the population contributing a majority of growth in Charlotte are the baby boomers and millennials, who all want to live within walking distance of where they work and also have easy access to the rest of the city’s many activities, events, and places to eat or shop. Charlotte remains on the top 20 list of cities where the most baby boomers will retire, and ranks 8th among major cities where millennials live.
5. Lifestyle changes are encouraging more rental choices
The types of homes for sale in Charlotte also reflect the needs of this crowd. Baby boomers are most likely inclined to downsize to smaller dwellings if continuing to live independently past retire, or else many more of them are moving in with relatives and require more space, which often means taking advantage of new home construction, or moving into existing homes with layouts conducive to their needs or those which can more easily be renovated. Millennials, on the other hand, are most often looking for older homes for sale in Charlotte, to take advantage of their affordability and available yard space for entertaining as their top preferences when planning to purchase their first home.
Now is the time to rent out your Charlotte home
As the data shows, now is the right time to rent out your Charlotte investment property or residence. To get your property in front of the right tenants, use Showcase Property Management. We have hundreds of qualified tenants waiting to rent out your home, and we will take care of all the details so you can build wealth and enjoy a return on investment from your rental property with ease of mind. Our reputation with homeowners needing expert support is second to none. From pre-screening to maintenance, we take care of business.
For more information on Charlotte property management or to buy an investment home for sale to add to your portfolio, give Showcase Realty a call at 704-997-3794 to get started today. We have got the expertise you need to make a solid investment.