Are you looking to step into the world of real estate? If so, it is vital that you select the right rental market to become a successful real estate investor. In this guide, we have listed some of the profitable rental markets you can find in North Carolina. But first, let’s understand North Carolina’s real estate market.
Real Estate Market in North Carolina
North Carolina’s real estate market has been thriving in recent years, providing excellent opportunities for investors, buyers, and sellers.
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Since 2022, the state has witnessed an increase in housing prices along with sales volume. Data from Zillow.com shows that the average housing price in North Carolina has increased by 11% to $316,000 in two years.
Being a business-friendly state, North Carolina is expected to continue witnessing more businesses setting up shops there. This could help add over 250,000 jobs by 2029. With more employed people, demand for rentals is likely to grow.
Moreover, North Carolina’s tourism sector is steadily growing. In 2023, the state hosted over 30 million visitors who paid millions to vacation rental property owners.
Although the demand for rental property is high, most housing units in North Carolina are still available at relatively fair prices.
Recommended Places to Purchase Rental Units in North Carolina
Cary
Cary is a town in Wake County. It has seen massive population growth in recent years. As of January 2024, over 180,000 people live in Cary. This town is popular for offering high-quality life, has a low crime rate, and hosts some of the top schools in North Carolina. The average monthly rent is $1,700.
Job Opportunities: Cary’s economy is considerably strong. Job opportunities are largely available in the education, healthcare, and technology sectors. Moreover, the town hosts multiple corporate headquarters like Epic Games and SAS Institute.
Attractions: There are several parks in Cary, the most popular being Bond Park and the Hemlock Bluffs Nature Preserve. As for cultural attractions, Cary hosts the Koka Booth Amphitheater and Cary Arts Center.
Charlotte
With a population of over 2,200,000, Charlotte is North Carolina’s largest city. The average monthly rent in this area is $1,650
Job Opportunities: Charlotte’s economy is largely powered by the financial sector. Several well-known traditional finance companies, like Bank of America, are headquartered in this city. Additionally, Charlotte’s healthcare and energy industries have been performing well.
Attractions: Charlotte hosts some of the leading museums in North Carolina. They include the Bechtler Museum of Modern Art and the Mint Museum. Also, you can find a number of parks in the city, such as Freedom Park and the US National Whitewater Center.
Raleigh
Raleigh is regarded as North Carolina’s second most populous city. It has a population of about 510,000. The average rent here is $1,600.
Job Opportunities: Being the host of Research Triangle Park, which comprises over 200 businesses in the technology sector, Raleigh is an ideal destination for job seekers with an interest in the technology industry.
Attractions: Raleigh hosts numerous museums, such as the North Carolina Museum of Natural Sciences and the North Carolina Museum of Art. This city also has outdoor attractions and parks, Including Golf Courses, the Neuse River Trail, and Umstead State Park.
Durham
This city is popular for its vibrant entertainment scene and cultural diversity. Durham has a population of about 430,000. The average monthly rent is $1,580.
Job Opportunities: Durham has booming technology and healthcare industries. The major employers are Biogen, IBM, and the Duke University and Hospital. Moreover, the city’s business-friendly environment has attracted several startups.
Attractions: In Durham, you can find museums like the Museum of Life and Science and the Nasher Museum of Art. In terms of outdoor attractions and parks, the city hosts the Sarah P. Duke Gardens and Eno River State Park.
Conclusion
The real estate market in North Carolina is on the rise, thanks to the booming economy. But before buying a rental property in this state, be sure to engage a real estate agency to help you identify the ideal location.