According to a recent market report from apartment search website RENTCafe, North Carolina saw year-over-year gains in every major city in the state.  Based on this report, Charlotte has one of the highest average rents in the state with only Morrisville, Huntersville, Cary and Chapel Hill coming in higher.  Charlotte saw a 2.9% increase in rental rates, and on a national level, Gastonia rivaled rent growth rates in Sacramento and Stockton, and California witnessed a 9.3% increase in rents over the year.

This is a great time of year to increase rental rates. The months of April through August are considered strong months for leasing activity, with April through July being commonly referred to as “leasing season.”  Plus, there is a limited availability of rentals in the Charlotte market, particularly in the single-family rental market.  It is the perfect time to take advantage of opportunities to increase rents, whether on leases for new properties or on leases currently in place on existing properties.  This is also a good time purchase additional investment properties.

If a home becomes vacant during leasing season, evaluate the option of bringing the home back on the market at a higher rate. Although expenses associated with bringing the home back on the market may occur and are factors to be considered, the higher rental rate may have a more positive impact on the value of the property long-term.  Don’t miss out on opportunities to increase rents on renewals of leases that expire during this time frame and on leases that may currently be on a month-to-month term.  This is a perfect time to implement those increases with little or no expense factors.  Your Rental Property Manager can provide competitive market data and will be glad to assist you in identifying ways to maximize your rent potential. To reach a Henderson Properties Rental Property Manager, email Rentals@HendersonProperties.com or call 704-970-4148.