In this edition of The TurboTenant report, we will explore the best places to buy rental investment property in North Carolina. We have handpicked five towns that offer great potential for investors: Charlotte, Greensboro, Durham, Raleigh, and Fayetteville. By analyzing studies on the best places to invest, median sale prices, and our own proprietary TurboTenant data, we have compiled a list that will help you make informed investment decisions.
North Carolina: A State of Beauty and Opportunity
North Carolina, the 28th largest state by area and the 9th most populous, boasts a rich history as one of the 13 original colonies. It is known as the "First in Flight" state, thanks to the Wright brothers' first flight in 1903 on the Outer Banks. With diverse landscapes ranging from the highest peak east of the Mississippi River to the Atlantic coastal plains, North Carolina offers breathtaking beauty and a moderate climate. It's no wonder the state ranks as the 6th most visited in the United States, offering world-class sports, recreational activities, and a wide array of attractions.
#5: Fayetteville, NC - A Hidden Gem
Fayetteville is best known as the home of Fort Bragg, a major U.S. Army installation. This city has been recognized three times as an "All-American City" by the National Civic League. Interesting fact: Babe Ruth hit his first home run in Fayetteville, earning him the nickname "Babe." With a 1.6% increase in home values year over year and a 1.3% employment growth rate, Fayetteville offers a promising investment opportunity. The median sale price is just over $100k, and the average rent stands at $783. With only 11 days on the market and 36 leads per property, Fayetteville is a home run for rental investment properties.
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Population growth: 0%
Employment growth: 1.3%
Increase in home values: 1.6%
Median Home Price: $110k
Average Rent: $783
Average Number of Leads per Property: 36
Number of days on the rental market: 11
#4: Raleigh, NC - A Dynamic Capital
Raleigh, the state capital and the second-largest city after Charlotte, is known as the "City of Oaks," with its charming oak-lined streets. It is home to North Carolina State University and part of Research Triangle Park, the largest research park in the United States. Raleigh offers endless activities and attractions, including a vibrant music scene, sporting events, and highly-rated cuisine. With a 5.2% increase in home values year over year and a median sale price just below $270k, Raleigh is an attractive investment destination. The average rent, number of leads per property, and days on the market are strong at $1,180, 29, and 13, respectively.
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Population growth: 2%
Employment growth: 1.7%
Increase in home values: 5.2%
Median Home Price: $269k
Average Rent: $1180
Average Number of Leads per Property: 29
Number of days on the rental market: 13
#3: Durham, NC - A Hub of Education and Innovation
Durham, part of the Durham-Chapel Hill Metropolitan Area, is home to Duke University and North Carolina Central University. It also lies within the Research Triangle Park. The city has a thriving start-up scene and a reputation for award-winning eateries. With an 11.7% increase in home values year over year, impressive population growth of 4.2%, and employment growth of 1.4%, Durham offers a compelling investment opportunity. The average number of leads per property is 20, and the average number of days on the market is 16.
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Population growth: 4.2%
Employment growth: 1.4%
Increase in home values: 11.7%
Median Home Price: $271k
Average Rent: $1163
Average Number of Leads per Property: 20
Number of days on the rental market: 16
#2: Greensboro, NC - A Vibrant City
Greensboro, the third most populous city in North Carolina, is located in the heart of the state. It offers a multitude of attractions, including over 500 restaurants, 135 attractions, 88 accommodations, and 8 craft breweries. With a 7.8% increase in home values year over year, a 1.7% population growth rate, and a 1% employment growth rate, Greensboro presents exciting investment prospects. The average number of leads per property is an impressive 58, and the rental market is highly dynamic, with properties spending an average of only 9 days on the market. The median sale price stands at $170k, with an average rent of $853.
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Population growth: 1.7%
Employment growth: 1%
Increase in home values: 7.8%
Median Home Price: $170k
Average Rent: $853
Average Number of Leads per Property: 58
Number of days on the rental market: 9
#1: Charlotte, NC - The Queen City
Charlotte, the most populous city in North Carolina, is home to almost a million people. It is renowned for its professional sports teams, including the Carolina Panthers (NFL) and the Charlotte Hornets (NBA). Motorsport enthusiasts flock to the city for the NASCAR Hall of Fame. Charlotte tops our list of the best places to buy rental investment property, with an 11.9% increase in home values year over year, a population growth rate of 3.7%, and an employment growth rate of 2.7%. With 24 leads per property and only 10 days on the market, Charlotte offers a strong rental market. The median sale price is $260k, with an average rent of $1,294.
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Population growth: 3.7%
Employment growth: 2.7%
Increase in home values: 11.9%
Median Home Price: $260k
Average Rent: $1294
Average Number of Leads per Property: 24
Number of days on the rental market: 10
Once you've found the perfect investment property in the right location, TurboTenant can help streamline the rental process. We offer easy and free online rental applications and thorough tenant screening tools to help you find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third-party real estate, population, and employment growth data. Our goal is to empower both seasoned and novice investors to make wise purchasing decisions when it comes to rental investment property. For more information or custom data requests, please contact [email protected]
Sources
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage
