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I'm trying to figure out why rental companies are buying all these houses in my neighborhood. These are 2400+ sq ft houses with rents in the range of $1450-$1550. I could see paying something like that for rent in Seattle or Atlanta, because you don't have a choice. I'm trying to figure out who they think is going to rent at that price! Seems to me if you can afford that rent and want a place that big, you'd be buying, not renting. But maybe I'm missing something. Will Section 8 cover that large of an amount?
3 bedroom apartments where I live rent for $1200. So, I can see a house going for that much, easily. I pay $800 for a one bedroom!!
+1
10+ yrs ago I remember Post Park at Phillips Place having two bedroom units at $1200/mo and they were nothing special and nowhere as large as the house you mention. IIRC the ones overlooking the shopping were in the $3500/mo range. So a decade later the house sounds quite reasonable.
In Asheville, 1200 - 1400 sq/ft homes rent for $1200 - $1500 so a 2400 sq/ft house for $1500 sounds like a pretty good deal.
And there are some people that renting is their life style. Doesn't make sense to me, as I think they are pouring their money down the drain, but it is their money.
I'd be suprised to see that in Kannapolis(atleast not yet, its coming when that research center opens), but there are some areas of Concord that that'd probably work.
One of my rentals its a 1br, and its only $450.
Just like you always always always hear in real estate though. Location location location.
Location: Between Belmont & Cramerton, North Carolina
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Quote:
Originally Posted by searpr
I'm trying to figure out why rental companies are buying all these houses in my neighborhood. These are 2400+ sq ft houses with rents in the range of $1450-$1550. I could see paying something like that for rent in Seattle or Atlanta, because you don't have a choice. I'm trying to figure out who they think is going to rent at that price! Seems to me if you can afford that rent and want a place that big, you'd be buying, not renting.
We certainly would. We have no problem paying this much for the following reason:
- We're only planning on staying in Charlotte for 2 years and then move somewhere else. It would be too much risk to buy a house and try to sell it 2 years later. It's also too much effort.
- When you rent a place for less than $1000, the risk of having trashy neighbors is much greater than when you pay $1500 for rent.
I'm trying to figure out why rental companies are buying all these houses in my neighborhood. These are 2400+ sq ft houses with rents in the range of $1450-$1550. I could see paying something like that for rent in Seattle or Atlanta, because you don't have a choice. I'm trying to figure out who they think is going to rent at that price! Seems to me if you can afford that rent and want a place that big, you'd be buying, not renting. But maybe I'm missing something. Will Section 8 cover that large of an amount?
the rental companies are probably just managing the homes not buying them.
people that move here want to live in areas where they probably will be buying in a year or two.
I think it is pretty common for rentals in nice area to go for 65 cent a square foot.
We certainly would. We have no problem paying this much for the following reason:
- We're only planning on staying in Charlotte for 2 years and then move somewhere else. It would be too much risk to buy a house and try to sell it 2 years later. It's also too much effort.
- When you rent a place for less than $1000, the risk of having trashy neighbors is much greater than when you pay $1500 for rent.
That's all
Higher rents does not prevent trashy neighbors. Trashy neighbors creep into all neighborshoods. At times they live 2 families to 1 home, thus bringing down property value. When rents become too high, it brings multiple people to occupy one dwelling. Landlords who are absent, only want to see that they are getting their monthly rent.
If you want a good sized house, you are going to have to pay for it. Looked at a 2300 sq ft house in Versage in Matthews for $1300. I'm not sure where that house is but I agree location is a big factor.
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