In Charlotte, homes for both rent and sale move quickly. Renting versus buying is a much a matter of preference as availability in the market. Both the rental and housing market in Charlotte are tight and require potential buyers and tenants to make quick decisions when they find the right house.

Over the course of the last several months, the housing supply has shrunk in and around the Queen City. Partly due to Coronavirus and a lack of home sellers, there is limited inventory available on the market. A healthy market typically offers 6 months of supply of home inventory. Since COVID-19 shutdowns began, the supply in Charlotte has been less than half that number, indicating a very tight market with a lack of inventory.

In a tight market, buyers may pay slightly more than the market rate for a home. If buyers are obtaining a mortgage for their new house, an appraisal will be completed as a condition of the loan, which should prevent the buyer from severely overpaying for the home. Buyers who are concerned about overpaying or a lack of inventory may prefer to rent a house.

Rentals in Charlotte and the surrounding areas are increasing in price because of a lack of supply in the rental market as well. As the population of Charlotte increases, so does the cost of living. The average rent for a one-bedroom apartment in Charlotte as of December 15th is $1195, a 4% increase over last year, according to Zumper.

The option to rent or buy in Charlotte is partly based on economics and partly based on personal preference and housing availability. You may strongly prefer to rent if you are new in town. Or, you may strongly prefer to buy if you want a tax deduction. Use a Rent v. Buy Calculator to help you figure out the financial impact of renting or buying a home.

Rent v. Buy Calculator:

If you determine that buying a house in Charlotte is the right fit for you, let us know! Even with limited inventory, there are great houses available in Charlotte right now. We can help you find the one for you and your family.

Enjoy the Adventure!