Raleigh, Durham, is the third most competitive real estate market in the USA, as houses get sold within a week of their official listing. The average property price is around $333,255, which is expected to increase over the years.
Considering this, investing in a property in the area can be an excellent financial investment. Whether you're looking to purchase a home for your family or simply rent it out, Raleigh, Durham, is a great location for single-family properties.
However, purchasing a single-family rental home is more beneficial for investors. According to Statista, 42 million individuals in the United States rent single-family homes, while 37 million live in multifamily buildings. So, Raleigh, Durham, can be an excellent option if you're looking to profit from your property investment. Let's look at why this is an ideal location for purchasing a single-family rental property.
What Makes Raleigh, Durham, Attractive?
Even though Raleigh's home value is predicted to soar by 24%, it is the best time to buy a home in this city. This is because Raleigh is currently a buyer's market, meaning more houses are available than potential buyers. Residential properties are getting off the market right after they are listed. As a result, soon, there will not be enough properties available to buy at current prices. Moreover, the location is perfect for a family home, as it offers the following:
Health Care Facilities
Raleigh, Durham, has a great healthcare system. The area has more than 25 hospitals and healthcare facilities. Recently, UNC (the not-for-profit medical system of North Carolina) has approved expanding hospitals and adding new beds in each hospital department. From a healthcare perspective, Raleigh is an excellent place to live.
Good Job Opportunities
The city offers several job opportunities to experienced and fresh candidates. In 2020, Glassdoor named Raleigh the best city for jobs. Therefore, families make a move to Raleigh to avail career-boosting opportunities. By owning a single-family rental property, you can quickly provide housing to new visitors and turn a profit.
Good Education Institutes
Raleigh has 11 college campuses in the metro area, offering multiple degree programs in almost every field. These include North Carolina State University, Meredith College, Shaw University, and William Peace University, among others.
Due to this, some families move to this region to provide good educational opportunities to their children, so they can stay closer to home during their college years. College students also look for single-family rental homes to share with roommates, creating a high demand for rental properties in the region.
Culinary Advantages
Raleigh has every facility within reach, especially eateries. With over 1200 restaurants and culinary places spread over the city, families can enjoy a premium dining experience in this region. Whether it's a light afternoon tea or a luxury dinner, Raleigh, Durham, has something for everyone.
Benefits of Investing in Single-Family Rental Properties in Raleigh
Additional Source of Income
Rental properties are a great source of income. With an attractive region like Raleigh, Durham, you can easily find tenants and generate a healthy ROI quickly. Moreover, if you invest in a single-family rental property, you're more likely to get long-term tenants who will maintain and care for the home. As a result, you can cut down on high maintenance costs and earn an additional income all year round.
Tax Benefits
Rental properties in Raleigh, Durham, come with multiple tax benefits. The IRS extends several tax write-offs as owners have to manage the maintenance, repair, and operational rental fee. So, you can purchase and keep a single-family rental property without paying huge taxes.
Rising Rent Prices
As Raleigh is the dream place to live for families and students, the rent prices are quickly soaring. Since they are not about to reduce anytime soon, renting a property is a smart financial investment.
Wrapping Up
The real estate in Raleigh, Durham, is competitive due to the attractive features this region offers. The city has a sound healthcare system, job market, education institutes, and eateries, making it the perfect spot to start or raise a family. Due to this, individuals are flocking to Raleigh and looking for properties to rent. So, if you invest in a single-family rental, you can generate a healthy income that will pay off in the long term as rental rates are expected to increase in upcoming years.