|Specialty||# of Agencies|
|Single House or Condo||9|
|Home Owners Association||9|
|Total Local Companies||21|
The average rent for a 3 bedroom house in Raleigh, NC is $1,167.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Raleigh, NC Rental Market Overview
Not Just a Place for Retirees
In 2013 Money magazine listed Raleigh as one of the top five places in the nation to retire, but there are plenty of opportunities and incentives to arrive early here and start a successful career. According to the U.S. Department of Labor, the Raleigh region had an unemployment rate of 5.5% in January 2014, which is significantly under the North Carolina unemployment rate of 6.4% and the U.S. rate of 6.6% in the same time period. One of the biggest reasons for the productivity is Raleigh's proximity to the Research Triangle Park, a 7,000 acre high-tech and development center that employs 52,000 workers, including contractors. While most of Research Triangle Park is in Durham County, a portion of the land extends into Wake County and this section is included in Raleigh's employment data, including 10,000 IBM employees. Technically the State of North Carolina employs the most personnel here, which makes sense considering that Raleigh is the state capital. Other significant employers include WakeMed Health, North Carolina State University, Cisco Systems, Rex Healthcare, SAS Institute, GlaxoSmithKline, Affiliated Computer Services, Wells Fargo, Fidelity Investments, Lenovo, RTI International and the Wake County Public School System.Â Â
Does the Low Vacancy Rate Mean That it's a Good Time to Invest?
Recently Raleigh's rental vacancy rate dropped below 6%, which is the lowest prior to the recession. This number could bode well for independent and regional property investors who focus on single-family homes, but it's unclear how much multi-unit construction will be online in the future. Currently 298 Class A luxury apartment homes are planned west of Raleigh near I-40 and bordering the Research Triangle Park, although this dense multi-unit development is situated closer to Chapel Hill and Durham, so it's unclear how much impact the project will have on the vacancy rate in Raleigh. As asking rents edge toward pre-recession prices, more families may consider purchasing their own homes. Raleigh's median household income was north of $60,000 in 2012, and slightly over 30% of the population relied on rental properties. A significant shift in rental availabilities and rates could be the catalysts that drive more Raleigh households to buying homes. A few institutional investment reports out there may offer general overviews of the Raleigh rental market, but some of your best insights and informed opinions can be found among the people currently immersed in the market. That's why many small landlords and independent investors consult with property management companies prior to making significant changes to their property portfolios. Most Raleigh property management companies employ real estate professionals who work firsthand with local tenants and rental property owners. This allows them to quickly recognize and adapt to new trends and opportunities, usually before the institutional investors can react. Take a few moments to review our listings of Raleigh property management companies and then request your free information today.