Supply and Demand at Its Finest
Don’t be in a rush to off-load your rental properties. Raleigh is still a happening place, and the real estate market is going crazy! The latest data from Zillow shows that Raleigh’s current median home value is roughly $297,861 with the home prices appreciating by an average of 5%. Over the next year, the Raleigh real estate market is forecasted to increase by 4.8%. These numbers show that the Raleigh housing market is strong, and it is a seller’s market.
What does that mean?
Essentially, it means three main things.
#1: With the competitive real estate situation, people are more likely to rent until the market settles down. With the increased interest in renting, there will be a high demand for rentals with low supply in the area. Supply and Demand at its finest!
#2: Raleigh is one of the fastest-growing cities in America, in fact, it is comparable to Austin, Texas and Atlanta, Georgia. With 62 people moving to the Triangle Area each day, there is a substantial amount of individuals needing a place to live. Whether it be buying or renting, the population boom is increasing the demand for homes in the Raleigh area. Once again, the idea of supply and demand is playing a big factor in the need to rent in the Triangle.
Want to learn more about the population boom in Raleigh? Take a look at the following blog.
#3: Raleigh is still a great place to live! With a lucrative job market focused on STEM and a temperate climate that allows for a great work-life balance, the young professionals are moving to the area in abundance. The downtown foodie scene, cultural venues, and outdoorsy vibe create a safe-haven for the younger population (AKA- Millennials) to work, live, and socialize, creating a transient population that is more interested in renting than buying.
Want to read more about the Raleigh housing market? Take a look at the following blog.
Supply and Demand
Due to the steady increase of people flocking to the area, there is a significant spike in rental costs. The increase in rental charges is based on two things: 1) many individuals moving to Raleigh are transient 2) there are only some many places available to rent. Essentially, the demand for rental homes is significantly increasing, which translates into the ability to charge more money to rent a property.
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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