Are you investing in Atlanta real estate, or thinking about expanding your portfolio into the Atlanta area? According to real estate property management, Atlanta, GA, rents are rising, making now the perfect time to invest. Learn more about our local rental market, and how you can make the most of your investment, by reading below.
Rents on the Rise
According to national statistics, rents are on the rise all across the country. Reports show that rents have risen as much as $37 compared to last year’s average. In fact, rents have risen steadily every year for almost a decade. While nationwide rents have risen around 3% in the last year, the biggest growth goes to Las Vegas at 8.8%. In third place, and tied with Sacramento, CA, is Atlanta at 4.7%.
Anecdotally, we have seen this statistic hold true for our clients. Those lucky enough to have bought investment property in the last decade are seeing their properties appreciate and their rental income soar every year. Even if you have not yet purchased rental property, it is not too late to start out as an Atlanta investment property owner. If you have ever considered rental property management in Atlanta, GA, now is the time to start.
According to RentCafe, single-family home rentals are becoming more popular than apartment rentals. The average real estate investment property in Atlanta brings in between $1,000-$1,500 in rent. Depending on your unique situation, such as your PITI (principal, interest, taxes, and insurance) and maintenance costs, you may be able to profit several hundred dollars per month, perhaps more as rents continue to rise. Additionally, a rental property can be part of your tax strategy, as you can claim a tax deduction on things like property management fees.
Atlanta Rentals are Some of the Highest In Georgia
Which areas in Georgia can get you the best return on investment? Statistics gathered by RentCafe reveal 23 of the most expensive rental zip codes in Georgia are located in Atlanta. Even with statistics like this, it can be difficult to pick the right rental home. If you choose to work with our real estate property management Atlanta, GA, professionals will help you pick the right location, and a house that appeals to renters. One of our areas of expertise is finding you the perfect investment property, whether you are looking at buying in Atlanta or any of the surrounding areas. Choosing the right property will allow you to keep costs low, attract high-quality renters, and get the best return on investment.
Who is Renting? It is Not Who You Think
In the article, “The Rise of the Rich Renter,” the author discusses the increase in highly-paid renters. In metro cities like Atlanta, individuals and families who earn well above the median income are choosing to rent, and driving up the price of rental homes and apartments. Who are these high-earners? According to AJC, both Millenials and Baby Boomers are choosing to rent now more than ever.
Young adults who came of age in the 2000s (known as Millenials) are choosing to rent for several reasons. First, it gives them freedom. As someone considering rental property management in Atlanta, GA, it is important to be aware of this factor. Gone are the days of spending 30-40 years working for the same company. Without a mortgage to tie them down, Millenials are able to move as soon as a new opportunity arises. Some renters may even ask for a shorter lease so they can exercise this freedom. While less common in single-family home rentals, don’t be surprised if a potential renter requests a 6 month, 3 month, or even 1 month lease. Second, Millenials have nearly $42,000 of debt on average. Between paying for student loans, personal loans, and credit cards, many Millenials are putting off saving for a down payment and buying a house until they pay off debt.
As Baby Boomers enter retirement, they are increasingly moving back to renting. There are several reasons for this. First, many Baby Boomers are looking to downsize from the home they raised a family in to a smaller, more manageable home. Leaving the hard tasks to real estate property management, Atlanta, GA, Baby Boomers are able to spend their retirement relaxing instead of fixing up a home. Second, renting is often less expensive than owning when you factor in things like taxes, insurance, and maintenance costs. By selling their current home and moving to a rental, Baby Boomers can invest in other ways. For those entering retirement, simplicity and saving money are attractive qualities. Third, like Millenials, Baby Boomers enjoy the flexibility that comes with renting. Whether they want to spend a few months traveling or are trying to decide whether or not to move to a new city, renting allows Baby Boomers much-needed flexibility.
Why is it important to know who the new generation of renters are? In order to pick the right rental property and advertise it efficiently, you should know your demographic. Before you invest in real estate think about to whom your property will appeal. Is it in a good school district? Is it close to public transportation, parks, or shopping centers? Is the layout of the home a good choice for families, or better for someone who works from home? As the top rental property management in Atlanta, GA, we know how much you should weigh each of these factors when buying a rental property.
How Specialized Property Management Atlanta Helps Property Owners and Tenants
A strong rental market makes it easier for property owners to make a good return on investment. But even with a strong market, mistakes can happen that cost you money. We offer a full range of services in order to cut down on costly mistakes and help you get the best return on investment. During a typical rental cycle our services will include:
- Inspecting: We will inspect your home to make sure it is up to health and safety standards, and alert you to areas that need attention in order to bring in new tenants. We also perform regular property inspections during a tenant’s lease to ensure lease compliance.
- Marketing: We do more than just put a sign in your yard. Our marketing specialists work to aggressively market your rental property over dozens of websites, helping you bring in qualified tenants quickly.
- Showing: Our video walkthroughs offer potential tenants a first look. When a potential tenant requests a showing we are quick to respond.
- Screening: Tenant screening is one of the most important parts of real estate property management, Atlanta, GA. We do a thorough screening of every applicant over 18 to ensure you get a qualified tenant.
- Signing: In order to protect you from liability and risk we draw up all the appropriate documents for the lease. We also provide training for tenants on what to expect and who to call for maintenance and other issues.
- Collecting: To avoid confusion and ensure you have a steady and predictable rental income we are firm and respectful with our rent collection procedures. In addition, we make paying rent easy with electronic payments.
- Maintaining: We perform regular, proactive maintenance to keep your home in working order as well as respond 24/7 to maintenance emergencies.
- Renewing: When it is time to renew the lease we reach out to your tenant and coordinate renewal. We start the process well in advance in order to avoid any delays.
- Moving: When a tenant has decided to move out we organize every aspect in order to protect you from risk. From legal documents to the final walk-through we take care of it all.
In addition to the above services, we offer accounting, legal assistance, and partner vendors who work for a discounted rate.
Online Portal for Real Estate Property Management Atlanta, GA
Our online portals offer you and your tenants a simpler way to do the business of property management. An online portal is available for your tenant, making it easy to submit maintenance requests and pay rent any time of day or night. Our owner portal allows you to see your property details at any time of the day or night. Detailed accounting documents, inspection and maintenance reports, and weekly communication about your property while in the leasing period are all available via your portal. This portal makes it even easier for our clients to live outside of Atlanta and take advantage of the great investment opportunities.
Contact Specialized Property Management Atlanta for More Information
Our team of experts is here to help you make your investment into a success. Whether you are just starting out as a rental property owner, or you already have several homes you are renting out, we are here to help. With decades of experience in rental property management in Atlanta, GA, we know how to make the most out of your investment. Learn more about our services by visiting this page. Call us at 404-596-8454 to schedule your rental quote.