According to ZipRecruiter, landlords in Charlotte, NC, earn an average yearly salary of $81,368. It's considerably higher than the statewide average of $72,135!
So, if you're considering investing in a rental property here, go ahead; it could be one of the wisest, most lucrative choices you make. However, your investment would only pay off if you understand how rental leasing in Charlotte works.
To that end, the experts at Wilkinson Property Management, Inc. put together this guide discussing five of the most important things you must know about rental leasing in Charlotte, NC.
1. The Fair Housing Act (FHA)
According to the City of Charlotte, NC, the FHA protects renters by prohibiting discrimination against:
- Color
- Disability
- Familial status
- National origin
- Race
- Religion
- Sex
Both the federal government and the State of North Carolina implement FHA.
Charlotte renters who've experienced housing discrimination can file legal complaints against landlords. Landlords found to have breached the law can face severe repercussions and fines. For example, per the Federal Register, 2024 FHA civil penalties can range from $25,597 (no priors) to $63,991 (one prior) and up to $127,983 (for two or more priors).
So, before leasing your property, please ensure you read up on federal, state, and local fair housing laws.
2. NC Residential Rental Agreements Act
NC General Statutes Chapter 42, Article 5 outlines various residential rental agreement laws. It governs lease terms, your rights and obligations as a landlord, and those of your tenants. It also provides guidelines for the eviction process in North Carolina.
Understanding all those laws is critical to protecting your rental property and income while avoiding violating your tenant's rights.
3. NC Tenant Security Deposit Act
One of the most crucial rental leasing strategies to help protect your property is to require security deposits. However, you must adhere to NC General Statutes Chapter 42, Article 6 when doing so. For example, you must not require long-term tenants to make a deposit equal to more than two months of rent.
4. Charlotte Housing and Building Codes
Another crucial rental property tip for Charlotte landlords is to comply with the city's housing-related ordinances. Pay particular attention to Chapter 11, Article III, which outlines the city's "Minimum Standards of Fitness for Places of Habitation." Under these laws, you must ensure your rental property follows codes to ensure it's safe and habitable for tenants.
5. Professional Rental Leasing and Property Management
The most straightforward way to ensure your property complies with all laws is to work with a property management company in Charlotte, NC. They understand all the nuances of housing-related regulations, helping protect you and your property. Moreover, they can boost your rental income and profits by:
- Finding and placing quality tenants through comprehensive but fair screening practices
- Coordinating with tenants to inspect, repair, and maintain your property
- Promptly collecting rent
- Providing accurate accounting and financial reporting
- Sharing property management insights to help improve your property's worth and value
Partner With Wilkinson Property Management, Inc.
While rental leasing in Charlotte, NC, can be lucrative, it's also full of legal complexities. For this reason, you need the right partner to help your rental business succeed.
Let Wilkinson Property Management, Inc. be your expert leasing partner. Since our company's founding in 1999, we have managed over 600 single-family homes in Greater Charlotte.
Connect with us today so we can get started with your free rental analysis!
