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We're considering temporarily moving out of state but want to hold on to our home for when we return.
Just wondering what is the home rental market like in Cary?
A lot depends on the part of Cary. West Cary rental market is likely hotter than East.
Either way I don't think you'd have any issues renting it. But....good luck.
Thanks for the info!
We're in MacArthur Park, so not quite West Cary (by today's standards at least). It does seem like the market is better for townhomes and in West-Cary/closer to RTP. So its not filling me with confidence right now
Thanks for the info!
We're in MacArthur Park, so not quite West Cary (by today's standards at least). It does seem like the market is better for townhomes and in West-Cary/closer to RTP. So its not filling me with confidence right now
If you're in the Davis Drive schools section of MacArthur (I think it's split), then definitely no problem. Either way I don't think it would be a problem though.
If you're in the Davis Drive section of MacArthur (I think it's split), then definitely no problem. Either way I don't think it would be a problem though.
We're not on that side of MacArthur, but here's hoping we don't run into trouble regardless
As someone who just secured a rental home, it seems to be pretty active. 4 of the 8 rentals on our showing list rented in the 48 hrs before we even got to see them. These were in Alston Ridge, Highcroft, and Turner Creek elementary zones.
Easy to rent. Location. Schools. Pleasant neighborhoods.
Don't expect to get 1% of the home's value monthly like many landlords expect.
.5% to .66% is more typical according to rental listings on MLS.
$390,000 tax value and $2000 rent is not uncommon.
Then, allow for a property manager at 8% to 10% of your monthly rent. I would suggest you not manage a rental remotely, unless you have other good local support.
If the balance covers your mortgage, taxes, insurance, repairs, and any vacancy(no rental income) or at least gets you close enough that you can handle the shortfall comfortably, the rental market is very good.
MLS says that MacArthur Park rental listings have been filled in 2-3 weeks over the last two years. And, that 2-3 weeks may have been well within the typical 60 days notice a tenant will give landlord. I.e., no lost months' rent.
We're considering temporarily moving out of state but want to hold on to our home for when we return.
Just wondering what is the home rental market like in Cary?
It's a very poor idea to be an out of state landlord.
Even with a management company, you could take a big hit from a bad tenant.
My FIL was a superintendent and I helped him fix the disasters left when tenants skipped out.
Easy to rent. Location. Schools. Pleasant neighborhoods.
Don't expect to get 1% of the home's value monthly like many landlords expect.
.5% to .66% is more typical according to rental listings on MLS.
$390,000 tax value and $2000 rent is not uncommon.
Then, allow for a property manager at 8% to 10% of your monthly rent. I would suggest you not manage a rental remotely, unless you have other good local support.
If the balance covers your mortgage, taxes, insurance, repairs, and any vacancy(no rental income) or at least gets you close enough that you can handle the shortfall comfortably, the rental market is very good.
MLS says that MacArthur Park rental listings have been filled in 2-3 weeks over the last two years. And, that 2-3 weeks may have been well within the typical 60 days notice a tenant will give landlord. I.e., no lost months' rent.
Thanks Mike useful information as always!
.5% would probably work for us, .66% would be great. We really don't want to sell, already priced out of this part of Cary and can only imagine it will be worse if we move and return.
Any recommendations on property management companies locally?
Thanks Mike useful information as always!
.5% would probably work for us, .66% would be great. We really don't want to sell, already priced out of this part of Cary and can only imagine it will be worse if we move and return.
Any recommendations on property management companies locally?
You have a DM.
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