In the Charlotte area, rents are raising to an alarming amount. With the average rent raising above $1000 a month, it’s not coming close to the amount being charged in Charlottes hottest markets. We did some research on some of the newest and most popular complexes in the Dilworth, SouthEnd, and Uptown area. It’s sticker shock when you see how much people are paying in rent. Below is a breakdown of some of the rents in the area for a 1 bedroom Apartment (lowest price currently available):
Complex 1: $1,795+
Complex 2: $1,836+
Complex 3 $1,616+
Complex 4: $1,623+
Complex 5: $1,376+
Complex 6: $1,325+
Complex 7: $1,950+
Complex 8: $2,435+
**Complex names withheld for courtesy
Paying close to $2000 a month to live in a ‘used’ apartment? To spend close to $25,000 a year and nothing to show for it?
These figures don’t take into consideration the fees associated with apartment living such as; application fee, administrative fee, pet deposit, pet rent, trash fee, extra parking fee, storage rent, and initial deposit. It’s evident now why people stay in one place for so long, because it costs a fortune to go elsewhere. And sometimes it easier to swallow the annual rent raise when you look at the alternative.
What about the space itself? Some of these apartments are a mere 450sqft. That’s enough for a kitchen, bathroom and a space for a queen bed. Zero storage space and no privacy if you have company.
Living in a place that is transient in nature can take a toll on you. Do you know who your neighbors will be in a few months? Will they have a dog that barks? Will they be the ones hosting crazy parties with music blasting to all hours of the morning? Will they be the type to trash the pool and common areas? Will you have a parking spot when you come home from work today? Do you know what you are going to pay the next lease term? Renting can be intolerable sometimes.
Dilworth South offers all the convenience and ease without the pains that come with apartments.
Building equity in something allows you to not throw your money out the window or a more accurate description, down the drain. If you add up the amount you’ve paid in rent for as many years as you can remember, you would probably have enough money to buy a new place, in cash. Why not put your monthly living expenses to good use and build an investment and equity for your future.
Everyone’s situation is different. But moving in that direction is all about taking the right steps. That’s why it is wise to choose the right time, the right lender and ultimately the right home for you.