Atlanta, Georgia Has One of the Nation’s Best Rental Income Prospects: Here’s Why
Why Atlanta Boasts One of the Best Rental Real Estate Markets Across the U.S.
As one of the top cities for millennials, according to Niche.com, Atlanta is quickly floating to the top of recent grads’ lists of where to move in 2018. The city offers a young population, plenty of diversity, great access to coffee shops and restaurants, and low crime and high safety levels.
But where does the city rank when it comes to desirable rent? As it turns out, Atlanta’s real estate market offers some of the best rental income prospects across the nation.
Investors Perspective: Why Buying a Rental Property in Atlanta Is a Smart Move
For investors, the rental property’s location is directly linked to profitability. Fortunately, HomeUnion released a list of the top-performing markets for single-family home rentals to help property managers scour the country for the best places to buy investment properties.
After considering factors such as investment returns after operating costs, strong local economies, rent-to-income ratios, supply of new construction, and turnover times, Atlanta emerged as one of the ten best cities in the nation to invest in a rental property.
According to Business Insider, Atlanta offers rental investors a lucrative opportunity. Considering Atlanta’s median home price of $131,000 and the owner’s monthly mortgage payment of $563, if you charge renters $1,243 (at market value), your annual return after operating costs is 6.4%. Year over year, this makes Atlanta one of the best real estate markets across the U.S. for property managers and real estate investors.
Switching Sides: Strong Prospects for Renters in Atlanta
But what if you’re on the other side, and you’re moving to Atlanta and hoping to score a home with fair rent cost? Fortunately, renters have a few things on their side that make renting in Atlanta, Georgia cost effective.
For starters, Atlanta offers one of the top job markets in the country. While it may not have the tech craze of the Silicon Valley, Atlanta is still booming. According to RentBerry, “[Atlanta] is the home for many major Fortune 500 and Fortune 1000 companies, as well as corporate headquarters for many others. With the high percentage of college graduates and the boasting employment line, there does not appear to be a slowdown in sight for Atlanta’s economic growth.”
This is good news for renters, as a strong rent-to-income ratio is one of the top factors that makes rent affordable. And in Atlanta, this bodes well for prospective renters, as our internal data shows that starting salaries in Atlanta are “21 percent higher than the national average, and rent is as cheap as you’ll find in any city.”
So let’s talk numbers. If you’re interested in living in Atlanta, you’ll be pleased to learn you can afford central, luxury apartment living for less then $1,000 a month. Properties like this two bedroom at the Forsynth Apartments make renting in Atlanta a cost-effective dream come true.
If you’re ready to capitalize on Atlanta’s real estate market, either as an investor or a renter, now is a good time to start reviewing properties. As a desirable metro, Atlanta is one of the best places to rent in the U.S., and is positioned to remain so for years to come.