Rental Homes in Hickory, NC
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Cash House Closers took a close look at the rental market in Hickory, NC, to better understand rentals in this area.
As part of doing business, we buy houses and turn them into rentals so this research was critical for us to better understand rentals as an exit strategy in Hickory.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Hickory will run you $1,495 per month.
- 24% of all rentals in the area are single-family homes (vs. apartments, condos, etc.)
- 27% of rentals are 3-bedroom units.
The Median Rental Rate for Hickory is $1,295
After researching the various rental listings and descriptions in Hickory, NC, we discovered that the median rental rate in Hickory is $1,295. This is 38.3% lower than the national average of $2,099.
We also noticed that when considering all rental data available in Hickory, the typical range (25th – 75th percentiles) is roughly between $750 and $1,500 per month. There are only a handful of landlords charging more than ~$1,500 – these are luxury or high-end rentals.
When compared to other places in North Carolina, such as Raleigh, Charlotte, Durham, Winston-Salem and Asheville, Hickory’s house rental rates are mostly cheaper.
Related: Can you sell a house with tenants?
Hickory, NC, Offers About The Same Number Of Long-Term Rentals As Short-Term Rentals
My team also noticed that Hickory, NC lists 11% more long-term rental homes than short-term rentals.
This feels right as Hickory is known to be more of an destination for travelers and tourists than it is a home – it’s likely that this area is an Airbnb destination for many. While most listings are for long-term rentals, there are still many short-term options.
Quick Tip: Are you having trouble finding a long-term rental in Hickory? Try calling a few short-term rental landlord and ask them if they would do a longer-term lease. After all, it is a rental property.
For the most part, these rental listings in Hickory were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Hickory, numbers can change quickly.
As pointed out above, many of the rentals were for an entire single-family home. However, there are other larger companies in Hickory who have apartment buildings and townhomes for lease. Some of the major landlords in Hickory include Summit Management Services and Lat Purser & Associates.
Important note: not every rental unit is equal. Some have dedicated parking spaces, indoor garages, storage units and swimming pools. These perks often garner a larger monthly rental price.
46% of rental units in Hickory, NC are for single-family houses or townhomes
Well over half of the rentals were for an entire single-family home or townhome. In Hickory, you can also rent an apartments, condominiums, cooperative units or similar types of places.
About 36.7% of All Rentals in Hickory Are 3-Bedrooms or More
Most rentals with 3-bedrooms also have 1+ bathrooms.
Though there are some rentals that are categorized as studios or efficiencies, there is not a lot of those available.
And, as one might expect, the more bedrooms your rental house has…the bigger the price you will pay per month.
The market rate for 3-bedroom homes in Hickory, NC is currently $1,650. However, adding in another bedroom can significantly bump up the overall price tag.
Top 5 Rental Homes in Hickory, NC
After reviewing a sample of homes available for lease in Hickory, NC, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: Colonial House Apartments offer a fantastic 1-bedroom option. The units are clean and functional.
- Two-Bedroom Rental Option: For $1,685, you can lease a 2-bedroom at Preston Ridge that is updated and modern. This is truly contemporary living at its finest!
- Three-Bedroom Rental Option: The Estates at Legends have a 3-bedroom option with a sunroom. Pets are “okay” an units are currently available.
- Four-Bedroom Rental Option: Check out this house on 17th Ave for $2,375. Not perfect, but tons of space and seclusion.
- Our Favorite Rental Option: How does lakeside sound? Pretty good, right? This 4,300 square foot home could be yours on Lake Hickory!
There were hundreds of other available properties, but this should give you a good taste of how the pricing and rental terms can fluctuate on a case by case basis.
Conclusion
In general, Hickory, NC, presents an “okay” rental market for those looking move to or relocate within. It’s certainly not the most expensive city, but it’s also not the cheapest by any means.
Rental options are plentiful at the time of writing this case study if you’re a prospective tenant in Hickory.
If you already own a rental house and you’re interested in selling, my team and I can help you get it done quickly and seamlessly. Find out here how you can sell your house fast in Hickory.
One last tip: selling a house that is already occupied by tenants is usually more challenging. However, it doesn’t have to be if you have work with a cash home buyer in Hickory, NC.
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Other Resources & Articles From Doug
Author: Doug Greene
Doug brings over a decade of real estate and business experience to his content. Educating homeowners and helping sellers with their properties is his passion.
His contributions have been featured on Realtor.com, Washington Post, Apartment Therapy, HomeLight, Better Homes & Gardens and many more.