Are rents going up in Charlotte NC?

[Don Jackson]

I just had a tenant move out of my property in Charlotte NC. I'll be talking to my property manager about raising the rent for the next tenant, but I want to get some feedback from the BP community. The rent has not gone up in over 5 years. It's a 3/2 with a big back yard in a decent neighborhood. Zip code 28214

My question: Are rents generally going up in Charlotte? Is the rental market hot, or slowing down?

[Michael Bowman]

Hey Don! 

I'd like to be as candid as possible... You need a new property manager :) 

I'm not just saying that because I own a PM company. Rents in Charlotte have skyrocketed over the last 5 years. Homes that were renting for $895 5 years ago are $1195 now. I am a firm believer that rents need to be increased yearly, so long as the market is encouraging it. Of course you dont want to lose a good tenant, but you have to keep up with the market. 

Keep in mind, repair costs of increased as well, so I say that to the tenants when we are going to increase, and it typically makes sense to them. 

If there is anything you ever need, let me know!