Atlanta’s housing market has experienced a boom in recent years, and 2021 promises to be no different. Indeed, median home prices and monthly rental charges are expected to increase faster than national averages, making real estate investment in Atlanta a lucrative option.
Atlanta is not only rich in history and cultural diversity. With a thriving job market, strong economy, and substantial rental home market, here are some reasons you should invest in this vibrant city in 2021:
It is a landlord’s market
Statistics indicate that up to 50% of Atlanta’s homes are occupied by renting tenants. The city has attracted millennials and members of Gen Z who are not yet able to buy property. Even those that can, do not necessarily invest as it ties them down to an area. Therefore, single-family homes in Atlanta are in great demand.
Landlords looking to maintain smooth property management services in Atlanta should look no further than agencies like Evernest. This rental property management company has been operating for decades and is dedicated to building long-lasting, sustainable relationships with its clients. As well as other reputable property managements in Atlanta to be named are One Source Atlanta, Excalibur, and ALB Realty. Rental property management companies take many challenges of rental property ownership off a landlord’s shoulders. Many landlords live out-of-state or do not have enough time to deal with the demands of rental property ownership.
Hiring a property management company turns rental income into passive revenue. Landlords that do all the work pertaining to their rental property independently need considerable time to devote to it. Their alternative is to pay a percentage fee to a rental property management company and let them take care of things on a landlord’s behalf.
Houses are priced to go
On average, a home in Atlanta will cost the buyer $250,000-$300,000. While this might be higher than the national median home price, rental rates are also higher. The average rental charge in the city is $1,400. Factoring in a mortgage, property taxes, rental property management company fees, and other expenses, there is profit to be made in owning rental homes in Atlanta.
The demand for homes currently exceeds supply. Sellers are spoilt for choice when they list their homes and seldom accept less than their listed price. Property management company agents at CBRE Group Inc. report that homes are often sold before making the official listings, such is the appetite for house sales in Atlanta.
Investors are advised to work with professionals in the real estate sector to lay their hands on bargain buys in Atlanta’s frenetic market. According to agents at Property Services of Atlanta, Inc., going it alone is possible but will be an uphill battle compared with getting local help.
Unlike many other cities, Atlanta has experienced a continuous population increase. In the wake of COVID-19, major metropolitan areas have seen people moving away due to job losses and rising living costs. Half a million people live in the city itself, while the metro district is home to over six million residents. Research indicates that these figures will continue increasing, and nearly nine million people will call Atlanta’s metropolitan area home in the next thirty years.
A primary indicator that Atlanta’s population growth is set to continue is its demographic. Nearly half the metropolitan area’s citizens are economically active, being 20-59 years of age. These residents are likely to have children they are raising in the area who will enter Atlanta’s employment market once they are old enough.
Atlanta has a lot going for it
As the ninth-largest metropolitan district in America, Atlanta has established infrastructure that has allowed its unprecedented growth. This includes three interstate highways that intersect in Atlanta and an efficient passenger and freight rail hub. The Hartsfield-Jackson Atlanta International Airport is a springboard to 75 destinations in 50 countries and 150 domestic destinations. Atlanta serves as a connecting flight point for many airlines, and Delta Airlines is among its largest employers.
Atlanta is home to several significant universities and colleges, including the Georgia Institute of Technology, the University of Georgia, and Georgia State. Emory University, regarded as one of the ‘new’ Ivy League schools, is located in Atlanta. Statistics indicate that over 90% of Atlanta’s citizens have completed high school, and 40% hold bachelor’s degrees or higher.
Living the good life
Atlanta residents seem to have it all: access to quality education, the arts, and professional sports. The city is one of America’s most diverse with an eclectic blend of cultures and ethnicities.
Atlanta offers residents an ideal place to raise a family while still accessing city life conveniences, such as fine dining and a vibrant nightlife. It is also a haven for retirees who find life in Atlanta pleasant and affordable.
For everything it has to offer, Atlanta’s living costs remain low compared with other major cities, such as San Francisco, Los Angeles, and New York City. Atlanta has much to offer its residents, with the potential for even more, making it an attractive investment proposition.