Today, we’re providing an update on the Atlanta rental market as we see it. We do have a good feel for the rental market locally, since we manage properties throughout the entire metro area. We see different sub-markets as well, and everything is very encouraging to us right now. The rental market is very strong, probably stronger than we have seen it in the last six years. That’s a great thing if you’re a landlord.
One of the trends we have noticed is that rental prices are increasing and they’re sticking. There have been some nice rental bumps recently without too much push back from tenants. There’s also more stability in the market at the present time. We measure that by the number of lease renewals we’re getting. Typically, a tenant will only stay for one year, especially if they lose a job or decide they cannot afford to continue living in the house. However, with the economy leveling off, tenants are staying longer which creates more stability within the market. The economy isn’t doing great, but it’s not getting any worse. That’s good for the market and good for lease renewals.
We are also finding that new tenants in the market are better qualified than they were in the past. That means we are able to pick and choose. In the past, the best tenants were buying homes. Now, however, they are back in the rental market and we’re able to be selective with our applications.
Finally, it’s more expensive to build new homes than it is to buy existing homes. There is no real influx of new construction in the entry level market, so we don’t have to worry about new product driving down the prices.
Atlanta Rental Market
So the general summary is that the rental market in Atlanta is currently looking good, and we expect it to continue staying strong for the near future. If you have any questions, or you’d like to talk more about our market forecast, please contact us at DKRentals.net.
