Real estate market, rentals strengthening in the Triad
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GREENSBORO—Experts explain the tight economy has actually strengthened the Triad's rental market, as residents either look for short term commitments, or turn away from making large investments.
Real estate agents explained they are seeing an uptick in home sales, but it's the rental properties that are having some of the most success. Area apartment complexes are capitalizing on the trend by both building and expanding leasing properties.
"The rental market is definitely strong, as is single family residential," said Carol Hudson with Coldwell Banker.
Hudson said that agents have seen customers more open to making investments. However Tim Litchfield, Regional Manager at Signature Property Group in Greensboro, believes buyers are going to be a little more cautious after the housing bubble burst a few years ago
Over the past few months, in downtown Greensboro alone, new apartments have surfaced and five-year-old City View, has expanded. Just miles away, the Triad's Signature Property Group's site on Pleasant Garden Road has made plans to add more than 200 units.
Litchfield said the moves make way for the next phase of renters.
"What we're seeing with the GEN-Y and the GEN-I's coming out of college, they're now realizing the value of renting a lot more than I think previous generations. They come and move, maybe for a great job opportunity and they're not a hundred percent sure exactly if they're going to be there long-term," said Litchfield.
Realtors said it's a trend without an expiration date in sight, and with low interest rates, it's a great time to invest in land for the investor's projects.
"I think there's always going to be that need and investors are also able to buy land right now at a less expensive price then they were before," said Hudson.
Real estate agents say if people are looking to buy a home, now is the time to invest because of low interest rates. However renting is the best option for those who are not ready to make the commitment.