Talk to anyone that is renting a home in the Charlotte area and the one thing they’ll say is that renting is expensive. Ever since the housing bubble burst in 2009, residential rents have increased consistently at a pace greater than most incomes. In an article posted in May, Zillow ranked Charlotte has having the 6th highest year-over-year increase in rent in their survey; with annual rents increasing 6.6%.
As a result, many would-be renters are now purchasing homes for short term instead of paying rent. For example, if the average rent in an area is $1600-$2000 per month, it’s possible to find a home to purchase in that same area with a payment that is considerably less.
The chief argument against buying first had been what to do with the house if they didn’t like the area. While that’s still an issue, many are choosing to find properties close to work that are affordable and could become rental properties in the future if necessary.
This strategy isn’t for someone who is looking to live somewhere for less than a year. For very short term options, renting is the way to go. However, when you consider that the mortgage interest will be tax deductible,
Charlotte is one of the few cities where this is possible since there are affordable housing options throughout the area. The key is to look for homes that are newer construction, under $250,000 and are in areas that are always in demand like University, S Charlotte, Steele Creek, N Mecklenburg, Matthews, etc.