Renting out a property can happen quickly or take a long time, depending on a few important things. Let’s look at what the numbers say. Pulling data from over 1,600 homes that have rented within five miles of uptown Charlotte in the last 12 months, the average time to rent a home is 35 days. There was a home that rented in zero days and a home that took 379 days to rent (that one rented for $8,000 per month). So, 35 days is the average, and we can pull specific data to help you figure out how long it will take to rent out your particular home. There are a number of factors that can influence how long that will take. We’re talking about four key things that will increase or decrease the amount of time it takes to rent your home.
Just like when you’re buying and selling property, location is important. Tenants want to live in good neighborhoods. Over 6,000 homes were rented in Mecklenburg County alone out of the 8,400 that were rented all last year. About 5,000 rented within Charlotte city limits. That doesn’t mean you cannot rent homes outside of Charlotte and Mecklenburg County, it just means that demand is highest in those areas, as is the supply. So, you can rent homes in any city or county, but if you’re comparing the time it takes to rent, Charlotte has a bigger demand.
It took 379 days to rent an $8,000 per month home last year. The average price for all rentals is about $1,400 per month in our market. So if you’re near that sweet spot, there’s the most demand. Usually it’s a four bedroom home with two or two and a half baths. They are easy to rent and it’s easy to find qualified tenants. On the higher end, the properties sit a little longer. For prices that are lower, it might be harder to find tenants who meet our criteria.
The tougher your criteria, the longer it will take to find a tenant. If you’ll let anyone rent your property, you will get a tenant quickly. That’s not the best answer for you long term. You don’t want to reduce your return with higher turnovers costs and bigger repair costs. Tenants with better credit and income tend to stay longer. Our average tenancy is almost three years. Getting a tenant to stay three or four years will increase your return and decrease your costs.
It doesn’t matter if your home is in a great location and priced well. If it doesn’t sparkle and look great, you will spend more time trying
to rent it out. You want a quality tenant to rent the property quickly. So, make sure it’s painted and cleaned and smells great. Have the utilities on because you can’t see anything in the home if it’s dark outside. That’s not a great way to show a property. If the toilets don’t flush and there’s no water, you won’t rent the property quickly. The home needs to be comfortable.