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Apartment rental rates skyrocket in parts of Charlotte

If you're interested in purchasing property to rent out and have considered looking outside the state, you want to know that you're renting in an area where you'll make the biggest bang for your buck. In the neighboring North Carolina, Charlotte has many areas you may be interested in, some of which have some of the highest apartment rental rates in all of the state.

The city is highly popular, and many of the neighborhoods have become popular destinations. RENTCafé performed a study to identify the average rental rates in these areas. In the most popular areas including Elizabeth, Dilworth, South End, Uptown and Plaza Midwood, renters can expect to pay between $1,420 and $1,608 monthly to live in the neighborhoods.

The most expensive zip code in North Carolina is in Charlotte, zip code 28202. The second and third-most expensive areas include 28203 and 28204, all of which are in Mecklenburg County. In these areas, renters can expect to pay $1,608 at the high end or $1,420 at the low end. For those still wanting to live in Mecklenburg but for less, zip code 28211 is better with an average rental rate of $1,292.

As someone interested in renting property, it's a good idea to look for fairly priced housing in these areas, then charge renters a rate well and above your monthly mortgage payment. North Carolina's average monthly rental rate sits at $1,015, so turning to higher-priced areas may be the right idea, since they're in high demand.

Getting the best rates, a good mortgage and making a good investment is important. Your attorney can help you protect yourself if you purchase property across state lines, so you can make the most of this purchase.

Source: Charlotte Business Journal, "These Charlotte ZIP codes have most expensive apartment rentals in N.C.," Alex Gailey, July 10, 2017

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