Raleigh is the place to be!
Raleigh has experienced a population boom in the past years. With a temperate climate and lucrative job market, it is an up and coming city that embraces its new residents with open arms. Whether you are coming to Raleigh as a short-term option or looking to make the area your “forever” destination, it is a great place to live and raise a family.
Raleigh is a city that is small enough to feel comfortable and familiar but large enough to boost an excellent nightlife and downtown scene. With the downtown metro area growing to encompass a more hip/youthful vibe, Raleigh is becoming a great place for younger millennials to live and work. There has also been an increase when it comes to Raleigh’s “tech” presence due to Research Triangle Park and the many different companies deciding to call Raleigh home.
The numbers don’t lie
Now that you have a better understanding of Raleigh and what is bringing people to the area, let’s dive into the numbers. Raleigh is one of the fastest-growing cities in America. Since the late 1990s, there has been a steady increase in people moving to Wake County. This influx of people has allowed the Raleigh area to reach a population of over one million in 2014. In fact, the projected number of individuals will reach nearly two million by 2054.
According to WakeGov.com, 62 people move to Wake County each day, making it the 46th most populous county in the US. In the Raleigh area alone, that translates into 164 new residents a week (an average of 23 people each day) that want to live in or around Raleigh. So, what does that mean for you?
Every one of those individuals and families moving to the Raleigh area is in need of a place to live. Whether they choose to buy a home or rent, that is a substantial amount of people looking for housing. If you are someone interested in purchasing a rental property in the Raleigh area, now would be the right time to focus your attention.
Why should you buy a rental property in Raleigh, NC?
Due to the steady increase of people flocking to the area, there has seen a significant spike in rental costs. The increase in rental charges is based on two reasons: 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.
Supply and Demand (high school economics at it’s finest)
The increase in rental income is linked to the idea of “supply and demand.” Think back to your high school economics class and try to remember the lessons where your teacher focused on the economical model where the price of something is determined based on the market and desire for the product. To break it down farther- More people want to rent, which means you can charge a higher price for that “product.”
Moral of the Story: It is a great time to purchase a home to rent in the Raleigh Area
Due to numerous factors (climate, jobs, nightlife, location…the list goes one), Raleigh is in high demand and now is the time to capitalize on the influx of transient people moving to the area. If you have the disposable income to purchase a home to rent and feel comfortable adding “Landlord” to your resume, then it may be a worthwhile investment. If you aren’t into the idea of being a Landlord but would like to be part of the rental property community, it may be worth your time to contact a property management company to help with the responsibilities.
At Oak City Properties, we provide services to help investors, homeowners, and landlords navigate the rental process. If you would like more information, feel free to give us a call (919)-232-9222 or check out our website: https://oakcityproperties.com
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