Did you know that about one-third of Americans rent their homes? In Raleigh, the rate is about 43% and there is a high demand for upscale rentals. Here are a few reasons we are seeing a demand for these types of properties.
One of the major drivers is the fact that we have so many international companies in the area. Many of them bring in well-paid employees for two to three-year assignments. These employees do not want to stay in apartments or purchase a home because of the short duration of their time. Instead, many are looking for homes to rent that can not only house them but a family. Many times, their company will also help pay for them to rent the home.
Another big source of rental demand is the number of young professionals that live in Raleigh and the surrounding area. Many of these young professionals are waiting later in life to start families. They may not have permanent careers and do not want to be tied down to a home. However, they do have disposable income and are able to rent luxury properties. They have outgrown apartments but are not ready to own a home.
Lastly, a key factor in driving rental demand is the size of our marketplace. The Triangle is constantly growing and when people first make the decision to move here, they may not know what area they would like to live in. Do they want to be in Downtown Raleigh, what about Cary, could Holly Springs be a good fit, or perhaps Chapel Hill or Durham. Many of these people will choose to rent for one year or two to get a feel of the area. This way, when they decide to purchase their home, they will have a better idea of what area they want to lay down roots in.
What Does This Mean for You?
If you having been considering purchasing a rental property, now is the time to do it! I would love to help you find one that fits your budget and is in a highly-desired rental area. Call me at 919-961-3277 to start your search.