Research shows that the worldwide real estate rental market will grow at an 8% Compound Annual Growth Rate. The market reached $2216.2 billion in 2024.
Also known as Queen City, Charlotte is the largest city in North Carolina. Charlotte gives its residents a feeling of a city living with a small-town flair.
The city offers its residents an amazing social scene, gorgeous parks, great school systems, outdoor venues, and so much more. There are many good reasons you should consider homes for rent in Charlotte.
Note that Charlotte holds the 14th spot on the Business Insider's list of 50 Bets Places to Live in America. Charlotte is one of the fastest-growing municipalities and the largest in North Carolina. The city is home to 10 Fortune 1000 companies and ranks 9th in the U.S. for job openings.
Continue reading to know the ten reasons you should consider homes for rent in charlotte NC.
Why Renting Is Better Than Buying
Renting have many advantages, though it may not be ideal for some people. Renting VS buying, which is better? Before we look at the ten reasons you should consider homes for rent in Charlotte, let us first see the reasons renting may be better than buying.
No Maintenance Costs
One advantage is that you will not have to deal with repairs to your home rental amenities. That means your landlord assumes full responsibility for improvements, repairs, and maintenance.
When an appliance stops working, or the roof starts to leak, your landlord has to fix or replace it. On the other hand, owning a home requires handling all repairs, renovations, and maintenance costs.
Access to Amenities
An extra financial benefit to renting is access to amenities that otherwise may be a huge expenditure. Luxuries like an in-ground pool, fitness center, and more come standard at most midscale to upscale houses. Note that there are no traditional charges to tenants for such luxuries.
If you are a homeowner and want such amenities, you will likely have to spend considerable cash for installation and maintenance. Also, condo owners are not exempt from such costs.
The expenses roll over into their homeowner's association (HOA) fees. The fees are due monthly.
There Are No Real Estate Taxes
Another advantage of renting a home over owning one is that you won't pay property taxes. The real estate taxes are hefty burdens at times to homeowners and always vary depending on the county.
In specific areas, the government's amount with property taxes can add up to thousands of dollars annually. Though property tax calculations are complex, they determine them by checking your property's value and the amount of land.
Property taxes are a significant financial burden. That is so especially now that new constructions are getting larger and larger.
No Down Payments
Another area as a renter, you will have a better financial deal is the up-front cost. You only have to pay a security deposit that will be equal to one month's rent.
You will receive the stake when moving out, provided you will not damage anything on the rental property. When acquiring property with a mortgage, you need to have a down payment, usually 20% of the property's value.
The down payment results in having equity in the home and increases as you pay off the mortgage. Once you own the home, you will have a valuable investment.
Still, the cash you need for a down payment on a property is more than a rental security deposit. Note that a 20% down payment on a property with a market value of $200 000 is $40 000.
If you do not have money for the down payment, it will be better off renting.
Flexibility as to Where to Live
As a renter, you can live practically anywhere. Homeowners have to live in areas where they can afford to buy.
Living in Charlotte may be out of reach for many home buyers. But, that is entirely possible for you as a renter.
Though rents are high in areas with high home values, renters may find affordable monthly payments.
Little Concern About a Dwindling Property Value
It is true property values go up and down. That affects homeowners in a major way but will affect renters far less, if at all.
Note the property's value will impact the amount you pay on mortgage and property taxes. In rocky housing markets, renters will not experience that effect as homeowners.
Flexible to Downsize
As a tenant, you will have the chance to downsize to a more affordable living space once the lease is over. The downsizing flexibility is vital to renters who need a less costly or smaller alternative that match their budget.
It will be difficult to break free from an expensive property due to the hectic fees of buying and selling it. Also, if you invest a significant amount as a homeowner in renovations, the amount you sell the property may not cover such costs.
Have a Fixed Rent Amount
The rent you pay is exact for the lease agreement's span. Though landlords can raise the rent with notice, you can budget for it efficiently because you know the rent you have to pay.
The same will apply to homeowners with fixed-rate mortgages. But, adjustable-rate mortgages (ARMs) fluctuate. That leads to rising mortgage payments because of higher interest charges.
Also, property taxes will increase costs for homeowners but will not affect renters.
Low Insurance Costs
Though homeowners have to maintain a homeowners' insurance policy, an equal to this for renters is a renter's insurance policy. The policy is cheaper and will cover everything you own, including furniture and other valuables.
Through an analysis by the Insurance Information Institute, the average cost for the renter's insurance is $179 annually. But, the average cost for homeowners is $1249 annually.
Low Utility Costs
Though homes may vary in size, they are often larger than rental apartments. Due to that, they will be more costly to heat and will have higher electric bills.
Rental properties will have a more compact and efficient floor plan. That makes them to become more affordable to heat and power.
Ten Reasons You Should Consider Homes for Rent in Charlotte, NC
Do you enjoy living in a chic high-rise house? Or are you looking for a yard or land to settle?
Owning a residence can be a lifelong dream for most people in the U.S., but that does not imply it is for everyone. Currently, homeownership rates in the U.S. are high, but that has not always been the case. Moving to charlotte NC will offer the neighborhood that fits your lifestyle.
Here are ten reasons to consider living in Charlotte.
1. Clean and Green
Charlotte is notoriously a clean city. Staying clean is not easy for a city with over 900 000 people. Charlotte's city council prioritizes debris clean-up, drain maintenance, sidewalks, and street repairs.
All that adds to the beautiful green environment that's everywhere you look in Charlotte. The county where Charlotte is is home to over 230 parks on 12 000 acres of parkland.
There are also over 56 miles of trails part of the county's greenway system. You can find a park or train to exercise and get fresh air from anywhere in Charlotte.
2. Recreation
You will never get bored in Charlotte. The city has something for everyone to explore and enjoy. Young residents enjoy visiting amusement parks.
If you love a town life, there is no shortage of cultural, dining, and entertainment options. For outdoor enthusiasts, you will have many options for recreation choices. Such opportunities include Lake Norman, Us National White-water Centre, and Lake Wylie.
3. Cultural Diversity
Through research, Charlotte was the 9th most diverse large city in the U.S. in 2021. The city celebrates and welcomes all cultures.
Together, the cultures represent the past, present, and future. They also contribute to the city's popularity and growth dynamics.
4. Local Dining and Craft Beer
The city has down-home chips and fish to cuisines from all over the world. Charlotte also has trendy Uptown restaurants that are bustling with flavor and popularity.
A couple of our local favorites are Amellies French Bakery and Café, which serves coffee and quiche du jour. Church serves a New American cuisine with a twist.
The craft beer scene grows with the city's growth. Also, there are over 30 local breweries in Charlotte.
The breweries have a relaxed ambiance with indoor and outdoor seating and craft beer varieties.
5. Sports Galore
It does not matter the sport you love. There is a game for you to enjoy in Charlotte. NFL's Panthers and NBA's Hornets are the two professional teams in Charlotte.
Are you are a baseball fan? You will love watching the minor-league Charlotte Knights. For hockey enthusiasts, you will love watching Charlotte Checkers.
6. Charming Neighborhoods
The city consists of up to 19 neighborhoods which are all special and distinct. For instance, the Fourth Ward offers a mixture of gorgeous Victorians and new construction homes.
That all lends to the area's interest and charm. Also, Ballantyne is a classy neighborhood with office spaces, golfing, and event facilities. The municipality is among the most alluring locations in Charlotte.
Dilworth is historic with restaurants, mature oaks, and coffee shops.
7. Small Town Feel with Big City Amenities
Though over 100 people move into the city, Charlotte still maintains its small-town feel and southern hospitality. That is a perfect balance of measured growth and life's quality.
You will have access to Charlotte's latest tech, trends, and opportunities. Yet, you will still find yourself waving at neighbors at your local grocery store.
8. Job Growth
The job growth in Charlotte increases with a 2% growth. That is no surprise because we have top companies with their satellite offices or headquarters here.
Also, the banking sector is strong because there are corporate headquarters of both Wachovia and Bank of America. Salaries in many industries are competitive with the country's average.
We expect Charlotte's future job growth to far outpace the country's average by 45.2% in the next ten years. If you want to advance your career, the city is the best place to make that happen.
9. Mild Weather
Though the weather can be unpredictable in Charlotte, it is never too extreme. The temperature remains comfortable throughout the year. Note that summer highs often do not top 95 degrees.
Also, winter's lows hardly go below 20 degrees. You will typically experience 218 days of sunshine annually in Charlotte.
That offers many chances of enjoying all green spaces.
10. Pet Friendly
If you are a dog dad or mum, you do not have to worry about leaving pups at home when going out in Charlotte. There are over 150 restaurants that allow dogs on patios, and also many breweries do too.
You will find three "Dog Bars" in Charlotte specifically for dogs to play and enjoy while you get a drink. You will find six off-the-leash dog parks around the city.
Your pups will enjoy going out while you both appreciate the city.
Consider Homes for Rent in Charlotte
When you consider homes for rent in Charlotte, you really can't go wrong. The city has a strong economy, beautiful weather, a balanced economy, and educational opportunities.
Charlotte is among the best cities to relocate to in the U.S. Comparing home costs is a factor to note when selecting a home to rent in Charlotte.
Want to relocate to Charlotte? We can help.
At Bottom Line Property Management, we are experts in Charlotte's property management. We manage stunning homes in the city and surrounding areas.
Contact us now to find your perfect place to call home in Charlotte.
If you need assistance with property management services in Charlotte, NC contact Bottom Line Property Management.
