As part of “The Triangle,” Durham and its surrounding areas have been the beneficiary of two major factors which have had a positive impact on the real estate market. The first is a surging job market. The Raleigh-Durham metro area is now home to a number of Fortune 500 companies, including IBM, and is considered a hotbed of job growth.
Property Management in Durham, NC - All Property Management
A Strong Economy Lifts Durham Property Market
Over the last few years, Durham has frequently been featured on national lists of best cities for finding good jobs. This trend doesn't seem to be slowing down with many opportunities projected in the Research Triangle in the coming years.
In addition, North Carolina has been home to one of the most significant population bursts in the country. Most of this is driven by people from the Northeast and colder climates who are looking to relocate to cities with better weather that still offer high paying jobs. The Durham property estate market has undoubtedly been bearing this out.
A Housing Crunch Means Opportunities in the Durham Rental Market
All of this growth has had an impact in the rental market in Durham as well. Currently, there is housing low inventory which is raising rates. Coupled with that, new construction on homes has slowed and is projected to be unable to keep up with the need over the coming years.
Over half of the property market in Durham is comprised of renters. Many are Millennials or Gen Y young professionals who are either staying in the area after college or are relocating for job opportunities. This means there are plenty of people in the rental market in Durham looking for units.
If you want to learn how you can best position your units in the market, you should consider working with a local property management company in Durham. For more information, contact one of the Durham property management companies below today.
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