Rental Property Investor · Charlotte, NC · Member since 2014 · 79 posts · 33 votes
What is the rental market in Winston-Salem, NC like?
I see a lot of 2 beds/1 baths for sale in Winston-Salem at a price that would be killer deals here in the Charlotte greater areas, so I'm trying to figure out what's going on in Winston-Salem since it's only 1.5 hours away from Charlotte, NC. Are there no investors competing for homes there? Or is the rental market over-saturated such that the lack of demand for rentals commands a lower purchase price?
Would appreciate any responses from anyone with rentals in Winston-Salem. Thanks,
The market in the Triad is significantly slower than Charlotte. To compare the two would be an egregious error. Charlotte is one of the fastest growing cities in america. From the property values to the rental rates, we have it made here. Our average DOM is 21-30 days here in the Charlotte Proper, and around 45 DOM in the Triad.
There is significantly more inventory there, prices are much lower, and there isn't the supply and demand crisis that there is in Charlotte.
That said, a lot of our investors here in Charlotte have been priced out of this market and are heading up north. The returns in the Triad are much more attractive from a pure numbers perspective.
Just some random thoughts all across the board. Hope that helps!
The market in the Triad is significantly slower than Charlotte. To compare the two would be an egregious error. Charlotte is one of the fastest growing cities in america. From the property values to the rental rates, we have it made here. Our average DOM is 21-30 days here in the Charlotte Proper, and around 45 DOM in the Triad.
There is significantly more inventory there, prices are much lower, and there isn't the supply and demand crisis that there is in Charlotte.
That said, a lot of our investors here in Charlotte have been priced out of this market and are heading up north. The returns in the Triad are much more attractive from a pure numbers perspective.
Just some random thoughts all across the board. Hope that helps!
Anatoly - I've also been following pricing for multifamily units in the Triad. The Triad is a different market than Charlotte and the Triangle where I live. As you know housing reflects job growth and pay levels. The Triad was particularly reliant on textile and manufacturing jobs and the overseas exodus of those jobs was sudden and severe. They've reinvented their economies pretty successfully but jobs still skew lower wage. Also in Winston Salem had some corporate headquarters but mergers too many out of the area, impacting the local communities in several ways. The Triad is still growing and as part of the booming Raleigh-Atlanta I-85 commercial corridor it has a secure job market which makes me bullish about investing in multifamilies there.
Anatoly S. I've also had my eyes on Winston Salem... Be careful & have a GREAT contractor. Those prices are VERY attractive, but its for a reason. I've viewed several. All are built before 1978 = Lead Based Paint & All have structural damage. Not saying that that's a deal breaker for you. But if you don't have a good NO GREAT contractor, in my opinion I'd just be very careful.
Are there deals? Yes I'm sure. I haven't pulled the trigger yet on ANY of the obvious ones because of what I mentioned above. But I'm sure YOU as well as I will find that DIAMOND 💎 in the rough!
HAPPY HUNTING MY FELLOW INVESTOR! ✊🏽
I know this thread is several months old, but thought I would check in anyway. I was curious if any of you were aware of what the going MF CAP rates are in Greensboro, or Winston-Salem? Thanks, Dan