Raleigh, NC: City of Oaks
With 467,665 residents, Raleigh is the second-most populous city in North Carolina. It also serves as the state capital and as the seat of Wake County. Colleges and universities located in Raleigh include North Carolina State University, Shaw University, Meredith College, William Peace University, and Wake Technical Community College.
Raleigh is home to a vibrant arts and culture scene. There are plenty of museums in the city, such as the Contemporary Art Museum of Raleigh, the North Carolina Museum of Art, the North Carolina Museum of History, and the North Carolina Museum of Natural Sciences. Raleigh also houses several performing arts companies like the North Carolina Theatre, the North Carolina Symphony, and the Carolina Ballet. It is also the location of the Duke Energy Center for the Performing Arts.
Additionally, Raleigh hosts a number of annual events and festivals. Some examples are the Capital City Juneteenth Celebration, GalaxyCon Raleigh, and an annual International Food Festival. Other attractions include the City of Raleigh Museum, the Mordecai Plantation, the North Carolina Sports Hall of Fame, Pullen Park, the JC Raulston Arboretum, and William B. Umstead State Park.
How Is Raleigh’s Rental Market?
Raleigh boasts an attractive rental market. The median listing price for a home in this city is $360,000, which is higher than the national median. It is perhaps due to this fact that many residents in this city choose to rent their homes. Out of the city’s population, 48.5% are renters.
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Landlords in Raleigh can expect to earn decent rental income. The average rent for an apartment in this North Carolina city is $1,468, though rent has been steadily increasing since 2011. This year, it represents a 17% year-over-year change. A bulk of apartments — about 57% — command a rental rate between $1,001 to $1,500. Meanwhile, 28% of apartments fall between the $1,501 to $2,000 range.
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When it comes to vacancies, Raleigh landlords can breathe a sigh of relief. In 2019, the vacancy rate in this city was 5.86%. This was slightly below the national vacancy rate of 5.97% in the same year. Finally, North Carolina is generally landlord-friendly in comparison to most other states, making it a good choice for property investors.
Why Go With a Raleigh Property Management Company?
When it comes to rental management, buying the property is just the start. Property investors must then become landlords and fulfill numerous responsibilities. This includes finding tenants, managing tenant complaints, overseeing maintenance, enforcing lease terms, collecting rent, and more. Additionally, landlords have to know how to handle bad tenants, too.
Because of the burdensome workload, it makes sense for landlords to just outsource the job to a Raleigh rental management company. Professional managers can fulfill most of the landlord’s responsibilities. In the meantime, you can just sit back and wait for your rental income to start coming in.
Not everyone needs a rental property management company. However, if any of these situations apply to you, it is time to get professional assistance:
- You lack time for or expertise in rental management.
- You live far from your rental unit or home.
- You’re not interested in hands-on property management.
- You own multiple rental properties.
Start Looking for Property Management in Raleigh
There is a high demand for professional property management in Raleigh. With so many options, it can all get very confusing. Simplify the search process by using a reliable and comprehensive database. Rental Choice’s online directory lets you search for property management companies by city or state. From there, you can learn more about each company and gain access to their contact information.