We’ve been monitoring the real estate market in Charlotte, North Carolina for some time now here at National Cash Offer. It’s been an interesting experience, to say the least, as the rising cost of living in Charlotte is driving up housing costs in general, but more particularly the rental markets.
According to the Charlotte Business Journal in an article published back in July, the rental prices throughout the city on average are below the national average of about $1300 a month. However a few zip codes within the metropolitan area of Charlotte are much higher than this figure.
According to RENTCafé’s latest study, apartment rent for these areas average between $1,420 and $1,608 per month. Fifteen ZIP codes in Charlotte are in the top 50 most expensive in North Carolina. These ZIP codes include neighborhoods such as Cotswold, Myers Park, Ballantyne, Barclay Downs and others. Sitting alongside Charlotte among the list of 50 are ZIP codes in cities such as Chapel Hill, Raleigh and Greensboro.
This premium cost of renting an apartment in Charlotte is causing the general cost of homeownership to rise as well with increasing property values due to the spike in rental costs. Many are not willing to entertain the idea of selling their home for a fair and fast cash offer given such market conditions.
As of last year, over 600 new apartments opened inside the Interstate 277 loop, and around 5,200 apartments have become available in the 28203 ZIP code area since spring 2017. The top three ZIP codes on the list are within Charlotte’s center city region, which shows that high rent and proximity to uptown are correlated.
If you find yourself in one of these areas affected by rising rental costs, now may be the perfect time to entertain selling your home for cash. If you’re interested to see what your home would go for Charlotte, contact us at National Cash Offer today for a free no-risk offer on your home. You might be surprised what you can get for it!