Rental Market Shift

[Leslie Green]

Atlanta has one of the hottest real estate markets in the U.S. The past few years the market has allowed many to see huge profit margins. As 2022 gets ready to come to a close it’s time to take note that the rental market is indeed softening. Which means that if you have income producing property and you would like to achieve premium rents then your asset needs to be top of the line. The Atlanta market is pretty competitive so what can you offer that someone else isn’t?

Do you have a property management team in place? Does your asset need any major repairs? Do you include pest control or lawn care? How is the customer service you provide to your tenants? These are all vital questions to ensure that your asset can actually achieve premium rates during this time.

I see a lot of newbies not willing to put in the work just because it’s a “rental”. Trust me, 36% of Atlanta housing market is occupied by renters of single-family homes. So, the market is indeed competitive. You NEED curb appeal in order to maximize your income. You NEED to ensure that any and all repairs are done. It matters. A potential tenant will choose a home that has a nice manicured lawn with higher rent, than a home that is renting for less and has weeds in the yard for grass. You cannot be a “slum lord” and maximize your income. When curb appeal and maintenance is intact, you’re more than likely not only to procure a tenant with premium rent, but you’re able to RETAIN a tenant with premium rent.

The avg 3 bedroom is renting for about $1990 per month compared to two years ago the avg was only $1463. So, to maximize your return and ensure you can continue to get premium rents you will have to go the extra mile.

And as always if you’re a newbie and need some guidance find yourself a mentor, or enlist the services of a reputable property management company to guide you along the way.