The real estate market in the area is growing and it is worth checking out how property management in Wilmington NC is and how it will be in the coming years. Remember that you do not have to own properties in the area for you to make money. You can still make millions by managing properties on behalf of your clients. However, you need to be well prepared before venturing into this type of business because the competition is becoming stiffer day after day. Property management in Wilmington NC has actually attracted both local and foreign property managers.
Summary of Property Management Industry
Let us look at how the industry is doing and see if venturing into the business of property management is a viable idea or not. Well, just like in the rest of the country, the real estate market in the area is continually changing. More people are now willing to invest in the areas real estate market the area is growing rapidly. The population is increasing year after year and the demand for rental properties is increasing. It is also worth noting that the number of the people investing in rental properties in the area is foreigners who prefer to hire a property manager to take care of their investments.
In the year 2015, rental occupancy for both single and multiple family homes in the area was highest and the trend is expected to shoot up even more by the end of 2016. The level of rental occupancy in the region was above 95 percent by early this year and this figure is not expected to go down anytime soon. This is because the local population is growing and more people are coming from other parts of the country to live and settle in Wilmington. As the demand for rental properties continues to grow in the area, rates will also go up. Consequently, this is going to increase the commission property managers enjoy from rent collected. When you compare how property management in the area was before the 2008 recession, there is no doubt that the industry has really grown.
It is also worth noting that the majority of the people who would wish to buy homes in the area do not qualify for mortgages. Consequently, this group has opted to rent homes. The number of the people living temporarily in the area has increased in the recent past and we now have people who have just moved into the area for work purposes, but with permanent homes in other parts of the country. In many cases, these people prefer renting homes because it is convenient and economical than buying permanent homes. This has also contributed to the rapid increase of rental properties in the area.
Generally, the rental market in the area is growing rapidly and this has boosted property management industry too. However, it is worth noting that the industry is yet to catch up with the rest of the country, hence the competition is not extremely stiff. This means that the area is an ideal place for beginner property managers who want to acquire some experience before expanding their businesses to other big cities in the country.