If you invest in real estate, then you know every local market is different. Charlotte, NC isn’t unique in this regard as it has a real estate market of its very own. While that’s the case, the Queen City does have a few things in common with other metropolises across the country as they relate to rental apartments.
Currently, the number of high-end rental apartments is growing in Charlotte, and the continued wave of new construction is literally reshaping neighborhoods within the city. According to Yardi Matrix, a company that tracks apartments, the construction of new apartments in Charlotte won’t slow down in the foreseeable future.
Yardi Matrix expects the number of rental apartments in and around the Queen City to grow by 8 percent within the next two years, with an estimated 13,000 apartments being added. During the same time period, the demand for apartments is forecasted to increase by only 2.7 percent.
The imbalance of supply vs demand puts Charlotte in the company of cities like Denver and Seattle. In those cities Yardi Matrix predicts the supply of apartments will grow by 10 percent while demand will increase by less than five percent.
While the numbers related to Charlotte may deter prospective landlords, they shouldn’t. Yardi Matrix anticipates that the Queen City’s thriving economy will lead all of Charlotte’s new apartments to attract renters over time.
What does the forecasted oversupply of apartments mean for landlords in or near Charlotte? It means it’s more important than ever for them to seek assistance with property management in Charlotte, NC to make their property stand out.
Here are some of the benefits you can enjoy when you work with a Charlotte, NC property management company:
- Local Knowledge: When you work with an area property manager, you’ll benefit from the organization’s local knowledge. In a market where oversupply may soon be a real concern, it’s impossible to overstate the importance of hiring a property manager that knows the Charlotte area intimately.
- Local Partners: Established rental management companies have built up lasting relationships with vendors, such as landscapers and pest control experts. Instead of hoping you hire a vendor with the skills your property needs, you can rely on a trustworthy property manager to call in the right vendor for the job based on their experiences with that service provider.
- Economies of Scale: Because property management companies typically manage multiple properties and often use the same vendors to tend to those locations, they can sometimes negotiate discounts for their clients. Why not use the principle of economies of scale to your advantage and hire a property manager to oversee your rental property while you save on the essential services your property needs?
If you own rental property in the Charlotte, NC area and you want to hire a property manager, you’ll quickly realize that all management companies are not made the same. You’ll also notice that some are simply better than others.
If you want the best, you simply have to contact SRP Realty & Management because we have it all. We have local knowledge, a large network, and plenty of experience. Our valued clients don’t hire us to oversee their property, they partner with us and trust us to operate with their own, their tenants’ and their property’s best interests in mind at all times. And that’s exactly what our Charlotte, NC property management team does.
As you learn more about SRP Realty & Management, you’ll see that our company is the best choice for your rental property regardless of whether the market is oversaturated or rentals are in high demand. Contact us to schedule a consultation now.