When it comes to rental property management, Atlanta investors have found that several factors can make or break your success. Renters come from all different walks of life and each has a different “must-haves” list. Whether you’ve thought about it or not, your renters will.
Rental Property Management: Atlanta Tips for Choosing a Rental Property
Location, location, location. You can change a house, but you can’t change its location. That’s why you need to pick the best.
- Take into consideration the clientele in the neighborhood and seek Specialized Property Management’s expertise to determine low vacancy rates, high rent prices, and appreciating home values. Research the current market and compare rental rates in the neighborhood against your property.
- Remember, single family homes tend to appreciate more than townhomes or condos and can influence the type of tenants you will attract.
Schools, transportation, shopping, dining and job market all impact whether renters will be interested in your house.
- Pick a house that is in close proximity to these places and weigh the school’s prestige. This can impact your resale price, rental rate, and how quickly you will be able to rent out your property.
- While you don’t want to buy a house that is located on a busy street, you do want quick and easy access to main roads and freeways for commuting to work, school, and running errands. Experienced property managers find that tenants like quiet neighborhoods that give them a feeling of security.
- Grocery stores and popular restaurants within a 5 mile radius will improve renter interest. It creates convenience for tenants and helps them picture themselves in your property. A growing community that has plans for building more commercial and residential real estate will boost home values and draw more renters to the area.
- Ensure that the job market is a growing one that has stable employment. Atlanta Property Management Companies have found this can affect long term vs. short term tenancies as well as the type of renters. The longer a renter stays in a home is directly correlated with their employment. If a new company is moving to the area, chances are residents will too and they will need a place to live.
Determine if you are required to pay any homeowners association fees and what your property taxes will be. HOAs have regulations and potential fees if rules are violated. These monthly fees can also eat away at profits for a rental property.
- If your HOA includes something like a pool, park, splash pad, gym, or tennis courts, it may become very attractive for potential renters who will be willing to pay for it so the money doesn’t come from your pocket.
- Property taxes are not the same across an area. Check with the local assessor’s office for all tax information or seek out advice from rental property management. Atlanta may raise taxes in coming years and a trusted residential property management company like SPM Atlanta can advise you.
A house has a higher likelihood of renting if it is three or more bedrooms, has a fenced yard, is less than 10 years old, and has a good interior layout.
- The newer the home, the less likely you are to have costly maintenance repairs.
- If it is 3+ bedrooms, you are likely to get long term tenants because they will plant roots within the school system and create friendships they don’t want to leave.
- Steer clear of unusual layouts. Most newer homes have open floor plans instead of multiple rooms (formal dining room, formal sitting room, living room, dining room, etc). These open floor plans are more functional for families, giving them a continuous line-of-sight on their children.
Check crime rates and vandalism in the neighborhood. High crime and vandalism rates put a hindrance on rental prices. No one wants to live in a criminal hot spot where graffiti and car break-ins are everyday happenings.
- Go to the local police department, look up neighborhood crime statistics online, or call trusted rental property management. Atlanta-specific information on crime rates must be considered for the area you are looking to invest in.
- Not only does heavy crime impact rental prices, but it also limits the amount of people who would be willing to rent in your house. These neighborhoods also follow a trend for quality schools.
- Ask neighbors who live around the house you are interested in if they see a heavy police presence or not.
Selecting a good rental property is not rocket science, but it does require knowledge and expertise in the local market. Atlanta property management companies can only do so much to rent out a house that isn’t desirable to applicants. The more desirable the house, the higher the rent and the faster it will be occupied. Remember that location, schools and transportation, and a growing job market can deeply impact your rental property for good or bad. Contact Specialized Property Management today to find out how we can help guide you to get the highest rent prices for your rental property.