Booming Charlotte Rental Market Requires Careful Property Management

Rents are on the rise around the country, and new data reveals that the rental market in Charlotte is among the fastest growing in the country.

  • Thursday, March 5, 2015

  General   Rental Market   North Carolina   

Rents are on the rise around the country, and new data reveals that the rental market in Charlotte is among the fastest growing in the country. According to Zillow, Charlotte's median rent increased 6.1 percent year-over-year. At the same time, the national median rent rose by just 3.3 percent. Currently, the median rent in Charlotte is $1,235 per month. While rents may be on the rise, it is doing nothing to slow down demand in Charlotte and the greater Mecklenburg area. In recent years, thousands of new apartment units have been constructed all over the greater Charlotte area.

In a rental market as hot as Charlotte's, it can sometimes be difficult for landlords to keep up with the myriad of details associated with operating a property rental business. In addition to conducting a proper tenant screening, landlords must also make sure that rent is collected on time. Landlords who operate multiple rental units in Charlotte may find that all of the many tasks associated with operating a successful property rental business can be somewhat overwhelming.

Yet, conducting a tenant background check and ensuring timely collection of rent are both vital to operating a successful business. Without tenant screening services, there is really no way to determine whether an applicant will be a responsible tenant. Recently, WSOC-TV reported that DEA agents arrested a man living in an apartment complex in West Charlotte when a search revealed that the man might have been manufacturing anabolic steroids in the apartment. Authorities charged the man with manufacturing and possession with intent to distribute.

Preventing Liability with Tenant Background Checks

This is precisely the type of liability that a property owner can incur without running a criminal background check. Even in situations in which the tenant does not manufacture or distribute illegal substances from the property, landlords must make certain that tenants pay the rent on time and that proper notifications are sent when the rent is not paid on time. In Charlotte, it typically takes between 14 and 20 days from the time that eviction paperwork is filed to obtain a court date. During the eviction hearing, the magistrate will want to see some documentation proving that the tenant has failed to pay the rent.

Protecting Yourself in an Eviction Hearing

As a landlord, you would also typically need to provide a copy of the lease or rental agreement. Other paperwork required for an eviction hearing in North Carolina include a 10-day notice and any notes or correspondence. Most magistrates will side with the landlord if you are able to provide proper documentation and prove that the tenant failed to pay the rent as required by the lease or rental agreement. But, if you show up to the hearing without a copy of your lease, a tenant account record, or proof of serving notice, you will likely lose your eviction case.

The best way to prevent this type of thing from occurring is to ensure you have the right tenant screening services. VerticalRent offers the ability to conduct advanced tenant screening, generate state-specific lease agreements, and even collect rental payments online.

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