Mecklenburg Real Estate Investors
Mecklenburg County is finding that Real Estate Investors are Seeing Higher Returns on rentals. The average gross yield rose to 7.09 percent in the first quarter, up from 7.6 percent a year ago, reports RealtyTrac, who ranks the best U.S. markets for purchasing rental properties. Good cash-flowing rentals can be found in many U.S. markets, but rapidly appreciating home prices are making it more difficult.
Rents on 3 bedroom homes, in Mecklenburg County, rose 4.5 percent to $1,254 in the first quarter. The median sales price rose less than 1 percent to $190,000 in the same period, states Roberta Fuchs, of The Mecklenburg Times.
That compares to the average return rate on investment, over the entire United States, declined to 9.4 percent.
In the Charlotte area, a lot of local investors are rehabbing properties and then renting them out. Popular areas are NoDa, Plaza Midwood, and around Johnson C. Smith University. Although these are the lower priced areas, Myers Park, one of the higher priced areas of town, is also seeing an increase in investor activity. In Myers Park, investors are purchasing a home, bulldozing it down, and rebuilding 2 or 3 houses in the now vacant lot.