The Raleigh area is no stranger to tech companies. Research Triangle Park was built in 1959, and it has been a national technological hotspot for decades, especially when paired with the concentration of local universities.
Mansion Global’s recently published article, “A Population Boom, a Tech Boom—Raleigh, North Carolina, Shows No Sign of Slowing Down,” speaks to Raleigh’s luxury real estate expansion and its connection to the tech industry’s success.
The article explains how Raleigh’s population grew by 11.4% between 2018 to 2023, and a recent survey by United Van Line listed Raleigh in the top five inbound destinations with 20% more people moving into the city than out. These population growth trends are expected to continue.
The Downtown Raleigh Alliance wrote in their annual report that the construction of residential units (about 3,000 under construction and plans for 7,000 over the next 10 years) is shifting the downtown landscape into “dense, walkable neighborhoods” with 94% occupancy rates.
Mansion’s Global article highlights how the influx of younger, successful tech professionals, founders, executives, and entrepreneurs are an important factor in the growth.
“The luxury real estate market in Raleigh is increasingly appealing to a broader range of high-net-worth individuals, for whom proximity to downtown areas and tech hubs like RTP is critical,” said Jim Wiley, president of Beacon Street Development.
In particular, popular areas for luxury home development and redevelopment include:
the historic Hayes Barton neighborhood, where Birney Park housing development is currently under construction, with condominium prices ranging from $1.8 million to $3 million and City Homes prices ranging from $3 million to $4 million. Additional construction is planned through 2027.
the Warehouse District, with high-rise condos and upscale amenities.
North Hills and the Midtown district, with walkable, mixed-used development that’s attractive to young tech workers, according to Kruger. He also explained the increase of pricey single-family properties here. “Everything in this corridor is $2 million-plus new-construction homes, and whereas a $2 million house near downtown is 2,500 square feet on a tenth of an acre in north Raleigh, it could be 5,000 to 6,000 square feet on an acre lot,” he said.
Cary, which – home to many local tech giants and New York transplants alike – is seeing the same, tall narrow modern homes and luxury condos of Downtown Raleigh in its own downtown, said Kruger.
Demand for luxury homes is also expected to stay high. Downtown Raleigh Alliance reported that the median $427-per square-foot list price has risen 31% since 2020 in Downtown Raleigh, and new development sells out quickly.
Additionally, a luxury market report from Long & Foster Real Estate said that in July 2024, new $1 million home listings in the Durham-Raleigh-Chapel Hill triangle rose more than 44%, while sales at that price level increased 7% from a year earlier. Similarly, in July 2024, Zillow said that Raleigh’s median luxury price of $1.5 million was a 7% increase over July 2023.
As you navigate luxury real estate in Raleigh, Cary, and the Triangle area, let the team at Barker Realty be your guide. A local real estate company since 1984, we can help you find success in both your commercial and residential real estate goals. Contact us today.
Barker Realty, Inc. – serving Wake County since 1984.
It’s no secret that Wake County’s growth has exploded over the last 15 years. According to the U.S. Census Bureau, Raleigh alone grew by about one million residents between 2010 and 2020.
With that, Wake County has become an area ripe with opportunity for rental investment properties. When searching where to buy rental property, we suggest comparing factors like crime rate and safety, walkability, schools, low vacancy rates, public transportation, and signs of growth – along with financial considerations, of course.
Barker Realty has provided real estate expertise in Raleigh, Cary, and the surrounding areas for 40 years. Here’s where we think are the best places to buy rental property in Wake County today.
Top 5 Places to Buy Rental Property in Wake County:
Cary
Fuquay- Varina
Midtown, Raleigh
Garner
Cameron Park, Raleigh
Cary
USA TODAY Homefront recently named Cary the best city to rent in the county. It took first place in the overall study because of its affordability, low crime, good schools, high-paying job market, and access to recreation. It also ranked in the top five for “Best City for Renters with Pets” and “Best City for Single Renters.”
As a rental property investor, Cary is one of the more expensive areas in Wake County, but it shouldn’t stop you from considering this city. The long-term value could really pay off.
Fuquay-Varina
WRAL reported in November 2024 that Fuquay-Varina is one of the state’s fastest-growing municipalities, with the population more than doubling since 2010. With plans to grow the downtown and new elementary schools being built, property owners can expect more rental options.
Midtown, Raleigh
North Hills and Midtown have been a prime spot for real estate for many years. Endless restaurants, shops, events, as well as a variety of housing options, make the area an exciting place to live. The City of Raleigh continues to have big plans for Midtown, and a big focus for the project is walkability. You can bet there will be investment properties worth considering.
Garner
Garner has seen incredible growth that makes it an interesting option for investment property owners. World Population Review found that Garner’s population has increased 17.15% since the last census in 2024. It also states that almost 40% of Garner’s population rents instead of owning homes.
Garner will also include two stops in the upcoming Greater Triangle Commuter Rail, better connecting it to the rest of the Triangle.
Cameron Park, Raleigh
Cameron Park (also known as Forest Park) in Raleigh is one of the city’s most sought-after areas. It’s close to downtown and walkable, and is near many parks, events, and good schools. If you can snag an investment property in this area, you could reap the benefits for many years.
Other places to consider buying rental property in Raleigh include: Historic Oakwood, Mordecai, Five Points, and Glenwood South.
Barker Realty partners with our clients to bring mutual success through rental property investments. From marketing to managing, our team can help you make the most out of your investment wherever you decide to purchase in Wake County. Contact us today to learn more.
Cary, NC, located in the Raleigh, NC metro area, is one of the best cities for Renters in the country.
Cary, NC Tops the List of Rental Markets
In a 2024 study, USA TODAY Homefront ranked 315 U.S. cities to find the best city for renters, and the Town of Cary, NC came out on top, surpassing Raleigh at No. 11.
The study used 19 key metrics to determine the best cities for renters based on the best cost incentives and optimal quality of life benefits. Researchers compared cost of rent, renter incomes, rental inventory with number of bedrooms, prevalence of others renting, schools, daycares, restaurants, crime rates, recreation, walkability, pet friendliness, and more.
Cary was named No. 1 because of its affordability, high-paying job market, low crime, access to recreation, and good schools.
The town also won the “Best City for Renting Families” category. There are nearly seven childcare facilities per 1,000 children, and Research Triangle Park provides ample job opportunities. This makes Cary a popular spot among millennials to settle down with their families.
Cary was in the Top 5 for two other categories, as well: No. 2 for “Best City for Renters with Pets” and No. 4 for “Best City for Single Renters” – both thanks to a high walkability score.
Nine other North Carolina cities ranked in the top 190. For comparison, the lowest rank was Menifee, California with a score of 53.1 and a typical rent of $2,682.
Rank
City
Score
Typical Rent
1
Cary, NC
100
$1,719
11
Raleigh, NC
90.7
$1,684
37
Wilmington, NC
85.6
$1,732
69
Concord, NC
81.6
$1,783
76
Durham, NC
80.9
$1,676
103
Winston-Salem, NC
79.0
$1,459
107
Charlotte, NC
78.5
$1,787
121
Fayetteville, NC
77.6
$1,359
134
Greensboro, NC
76.7
$1,363
184
High Point, NC
73.8
$1,531
Whether you are looking for a place to rent, property management services, or someone to sell your commercial real estate, the team at Barker Realty can help. With over 40 years as a local, family-owned business in Raleigh, Cary, and Wake County, you can trust you are working with a real estate company that strives to provide personal attention and exemplary service. Contact us online or call 919-859-0044.
Cary, NC Rankings
Overall:
Rank
City
Typical Rent
Annual Renter Income
Percentage of Renters Rent-Burdened
Percentage of Rental Vacant
1
Cary, NC
$1,719
$73,872
42.3%
18.3%
Families:
Rank
City
Percentage of Renters that are Families
Percentage of Rentals (Two Bedroom or More)
Crime Rate per 1,000 Residents
School Score
Childcare per 1,000 Kids Under 5
1
Cary, NC
22.5%
68.1%
10.5
8
6.8
No. 4 Best City for Single Renters:
Rank
City
Percentage of Rentals (Studio or One Bedroom)
Percentage of Population Age 20-39
Walkability Score
Bars per 1,000 Residents
1
Cary, NC
22.5%
68.1%
8
6.8
Cary also ranked No. 2 for best city for renters with pets:
Understanding the Role of a Property Manager in Raleigh
Property management plays a crucial role in the real estate industry in Raleigh, NC. A property manager is responsible for overseeing all aspects of a rental property, from finding tenants and collecting rent to handling maintenance and repairs. They act as the liaison between the landlord and the tenants, ensuring that both parties are satisfied with the rental experience.
Key Considerations for Hiring a Property Management Company
When looking to hire a property management company in Raleigh, there are a few key considerations to keep in mind. First, make sure to research the company’s reputation and experience in the local market. You’ll want to work with a team that has a strong track record of success and knows the ins and outs of the Raleigh real estate market. Additionally, consider the fees and services offered by the company to ensure they align with your needs and budget.
Top Tips for Successful Property Management in the Raleigh Real Estate Market
For real estate investors looking to successfully manage their properties in Raleigh, there are several tips to keep in mind. First, prioritize tenant screening to ensure you find reliable and responsible renters. Conduct thorough background checks and verify income to reduce the risk of late payments or damage to your property.
Secondly, stay on top of maintenance and repairs to keep your property in top condition. Regular inspections and proactive maintenance can help prevent costly repairs down the line and keep your tenants happy. Thirdly, communicate openly and effectively with your tenants to address any concerns or issues promptly. Good communication can help build trust and foster positive relationships with your tenants.
Lastly, stay informed about local rental laws and regulations to ensure you are in compliance with all requirements. Understanding the legal obligations for landlords in Raleigh can help you avoid potential legal issues and protect your investment.
Property management is a crucial aspect of successful real estate investing in Raleigh, NC. By understanding the role of a property manager, carefully selecting a reputable company, and following key tips for successful management, investors can maximize their returns and build a strong portfolio of rental properties in the thriving Raleigh real estate market.
Barker Realty, Inc – Serving Raleigh Metro Area Since 1984
Understanding the Role of a Property Manager
When you own a property, managing it can be a time-consuming and overwhelming task. This is where a property manager comes in. A property manager is responsible for overseeing all aspects of a property, including finding tenants, collecting rent, maintaining the property, and handling any issues that may arise. They act as the middleman between you, the owner, and the tenants, ensuring that everything runs smoothly.
Qualities to Seek in a Reliable Property Manager
When looking for a property manager, there are several key qualities to keep in mind. First and foremost, you want someone who is trustworthy and reliable. This person will be handling your property and your tenants, so it’s important to choose someone who can be counted on to do a good job. Additionally, a good property manager should have excellent communication skills, be organized and detail-oriented, and have a solid understanding of the local real estate market.
Essentials for Selecting a Professional Property Manager
When selecting a property manager, it’s essential to do your due diligence. Start by asking for recommendations from other property owners or real estate professionals. Once you have a list of potential candidates, be sure to interview each one to get a sense of their experience and qualifications. Ask about their experience managing properties similar to yours, their approach to handling tenant issues, and their fees and policies. It’s also a good idea to ask for references and to check their credentials and licenses.
In addition to interviewing potential property managers, it’s important to also consider their track record. Look for a property manager who has a proven track record of success and a solid reputation in the industry. You want someone who has a history of effectively managing properties, maintaining good relationships with tenants, and resolving issues in a timely and professional manner.
Overall, hiring a trustworthy property manager is essential to the success of your property investment. By understanding the role of a property manager, seeking key qualities in a reliable candidate, and focusing on the essentials when selecting a professional, you can ensure that your property is in good hands and that your investment is protected.
One of the key benefits of hiring a local property management company in Wake Forest is the streamlined communication and transparency that comes with it. When you work with a local company, you can expect prompt responses to your inquiries, regular updates on the status of your property, and easy access to your property manager. This level of communication ensures that you are always informed about what is happening with your property and can make decisions accordingly.
Tailored Solutions for Property Management Success
Another advantage of working with a local property management company is the ability to receive tailored solutions for your specific property management needs. A local company will have a deep understanding of the Wake Forest market and can create a customized management plan that suits your property and your goals. Whether you are looking to maximize rental income, minimize vacancies, or improve tenant satisfaction, a local property manager can help you achieve your objectives.
Efficient Maintenance Solutions and Timely Repairs
Property maintenance and repairs are a crucial aspect of property management, and a local company can provide you with efficient solutions and timely repairs. With a network of trusted vendors and contractors in the Wake Forest area, a local property manager can quickly address any maintenance issues that arise on your property. This proactive approach to maintenance not only helps to preserve the value of your property but also ensures that your tenants are satisfied and stay for the long term.
In conclusion, hiring a local property management company in Wake Forest offers a range of benefits that can help you maximize the value of your investment property. From streamlined communication and tailored solutions to efficient maintenance and timely repairs, a local company can provide you with the support and expertise you need to achieve property management success. If you are looking for a reliable and experienced property management partner in Wake Forest, consider working with a local company to help you achieve your goals.
