Charlotte is one of the country’s fastest-growing metro areas. It is also the largest metropolitan area between Atlanta and Washington D.C. It has an increase in population by about 100,000 people per year. Many investors are attracted to Charlotte simply because of this rapid growth. The city is the largest in the state, home to over 800,000 people and another 2.5 million within its metro area. Charlotte and the Triangle alone are responsible for 70% of the state’s growth. With growth comes an increasing need for housing.
Right now, the average rent in Charlotte is $1,525, which is higher than the national average. The median home value is currently $229,100, according to Zillow. Charlotte home values have increased by 6.8% percent in the past year and are expected to go up another 3.2% percent within the next year. This is a good sign that your Charlotte investment property will maintain it’s value with time.
Charlotte is known for its banking institutions and for good reason. It is one of the largest financial centers in the United States. But, it’s also now home to a growing tech industry. Tech-related jobs alone have increased faster than any other region in the country in the past couple of years. With all of the new startups popping up here, there is certainly no lack of job opportunities for renters. And, because the cost of buying a home keeps rising, it’s a great time to invest in buy-and-holds, then sell your investment property later when you could potentially see even greater returns.
With the low cost of living in Charlotte compared to other metro areas and the increased job opportunities, there is no doubt that our population will continue to grow. There are many other incentives for future tenants to move here. Charlotte also offers mild weather year-round, easy access to the mountains and the beach. With a higher standard of living for a lower relative cost, plus the opportunity to find good-paying jobs, it’s no wonder that Charlotte has become one of the best choices for rental investors in the nation. Economic stability definitely plays a big role in the success of any real estate market and Charlotte’s future economic stability looks bright which means that investors can invest here with confidence.
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