Is it Safe to Purchase Another Rental Property?
A Look at Raleigh’s Housing Market
In case you haven’t heard…Raleigh, North Carolina, is the place to be! The bee’s knees of the south and a real estate hot spot. Raleigh is home to world-class technology, a tasty “foodie” scene, and everything from nightlife to family fun. With a growth rate of 62 people a day, Raleigh has a population density comparable to Atlanta and Austin. With a high percentage of individuals moving to the area, Raleigh also has a strong housing and rental market that will deliver the highest return on your investment.
Key players in the strong housing market
#1: STEM (science, technology, education, and mathematics) jobs are on the rise
- STEM jobs have a tendency to pay better than most non-tech jobs
- Many of the STEM jobs are linked to the Research Triangle Park (tech and biotech industries)
- Major universities in the area are bringing in individuals that demand high pay (and education)
- Major healthcare employers are also trying to find qualified talent (UNC Rex, Duke, WakeMed)
#2: Raleigh provides a great work-life balance due to outdoor activities, cultural venues, and amazing weather year-round.
- With plenty of outdoor parks providing biking trails, hiking, and water activities, there is much to do outside year-round.
- With events spanning from the NHL to the North Carolina Museum of the Arts, there is always something to do on the weekends.
- There is a booming nightlife and “Foodie” scene throughout the city that caters to millennials and baby boomers alike.
What does this mean for the housing market and rental properties?
According to an article in the News and Observer, the rising home prices in the area, appreciation of home prices, and an increase in the number of renters in the area has ranked Raleigh at #6 in the top 10 rental investment markets of 2020. With the median rental rate in Raleigh reaching an all-time high of $1,500+ a month, purchasing one or more rental properties is a lucrative investment.
Want to read more about owning rental properties in Raleigh? Take a look at “It’s a Great Time to Own a Rental in Raleigh, NC.”
How can Oak City Properties help?
At Oak City Properties, we have been taking care of rental properties for years! Our full-service property management company will help you find and buy new rental properties to grow and diversify your portfolio. We will also market the property, locate prospective tenants, and show the home to qualified applicants. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
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