New to Real Estate · San Diego CA, USA · Member since 2024 · 4 posts · 2 votes
Hey everyone. The more research I do on Raleigh and the triangle area in general, the more I believe it could be one of the hottest housing markets over the next 10 years. Beautiful city, near the coast and mountains, a ton of businesses moving into the area, large demand for property, etc etc. I am curious what the general sentiment is on this forum is. I believe Raleigh has favorable macro-economic factors, yet is still semi-affordable compared to other hot markets such as San Diego, Denver, and Seattle. It is easy to find good things to say about the city, what are some negatives?
Lot of new-co that gets grabbed by investors which adds supply. One of the "hottest" apartment building cities in the country which FLOODS supply and many young renters tend to go for class-A apartments and their amenities, which are seeing concessions in lease-up. So your competition is getting larger as a landlord.
Traffic and infrastructure are starting to have issues keeping up with all of the building. On the flip side, more building does mean more inventory so if you can be part of the above point, you can get a pretty new home that tenants want. Granite vs formica is starting to matter to picky renters...since they have so many options.
Our ACs get stressed faster than cities with moderate climates year round so keep your CapEx handy.
Thanks Pat. The new construction is definitely something to think about. That’s crazy that there are so many options that renters have the ability to be that picky. When you say be a part of the above point, do you mean buying up new construction in the area?
Quickly becoming more expensive than national housing average, the areas closest to major employers and the airport are in the 600-700s easily now. New construction is hard to find unless you go to a tear down in gentrifying areas or out into less developed suburbs on the outskirts. It's hot and muggy during the summer and I personally wish it had snow more than once every 5-7 years. Our downtown is not as big and lively as other major cities and if we grow as fast as we have, our transportation system will likely lag.
All this being said, I moved here from TX and haven't looked back. Absolutely love this place and believe that it will keep growing - which is why I invest and operate my business here.