Market Deep Dive: Charlotte North Carolina with Danny Plueddemann

Tom and Michael talk with Danny Plueddemann from Home Vault Property Management about the Charlotte Market.    --- Tom:  Greetings, and welcome to The Remote Real Estate Investor. Today we're here with Danny Plueddemann, when we're going to be talking about the Market of Charlotte.   Tom:  Okay, before we get into the interview with Danny, we're gonna hit on some numbers talk about the quantitative aspects of the market and Charlotte. So at a very high level, the population in Charlotte is 872,000 people. This is from the Census Bureau in 2018. The greater MSA population in Charlotte is just over 2 million 2,054,000. This is from 2020 from macro trends, and we're seeing a population growth of 4.21%. And this is also from macro trends, the median household income, and this is from John Burns is $63,400. And this is an improvement from last year. That was it 63,000. The number of units we see in Charlotte is over a million This is 1,049,329. And as a breakdown of ownership, 60% of the properties are owner occupied, while 31% of the properties are renter occupied, and then the remaining eight percentage is vacant homes. A little more information on home prices and rent, the existing home values is increased 7.6%. And this is coming again from John Burns in the September 2020. Report, the home value for entry level home is at $214,000 700. The existing median home price is 286,700. And both of those metrics are again coming from John Burns. The median single family rent is that $1,388 again from John Burns, and the year over year rent growth is 3.7%. And again, this is coming from John Burns, the home occupancy rate is that 93.4% and the apartment occupancy rate is 93.7%. Again, both of these metrics coming from John Burns. Danny, thank you so much for coming onto the show. Before we start getting into Charlotte, let's get a little bit into yourself. Let's tell us a little bit about your background. What makes you an expert. What are you doing in Charlotte today and all that good stuff.   Danny: Thanks, Tom. Yeah, so I call Charlotte my adopted hometown talking about that I've been here longer than anybody else but 20 years and everybody hears a transplant everybody's I'm a Yankee that knows the Yankee till I moved to Charlotte. But yeah, I mean, in property management, I worked for the big banks for a while I did mortgages for a little while. I've been in property management for last 15 years. We just did a exciting merger so we're Home Vault property manager in six different markets, five different states. So that's really exciting. I am the Chief Investment Officer which I'm trying to decide what my job titles I think I told you I like yours Tom, your Investor?   Tom:  Yeah, that's right. Director of Investor Education, getting help helping people out in the business to serve.       Danny: Yeah, I might steal yours. It's funny as I was doing my email signature yesterday and Chief Investment Officer sounds so pretentious that I changed it to investment guy and I was like, man, nobody's asked that's not serious enough. Yeah, so now I'm an investment officer in my in my email signature. But yeah, property management focus on helping the landlord so if you're happy landlord I want to help you buy more properties. If you're not happy I want to come come up some alternatives for you either you know buying the property from you selling to one of our existing clients, Master leasing the property something to take away the pain points that's what I'm doing now.   Tom: Alright, let's go ahead and jump into it. So the market of Charlotte so as a first step tell us about kind of the main primary cities and some of the core principal cities within the metro go ahead and yeah, let's let's do it.   Unknown Speaker  Yeah, Charlotte is a great town. Let's see here. We're about as far south as you can be and still have four seasons we got winter, spring, fall, summer, that's fun. Just but everybody's from somewhere else. That's the f