The recent economic reality of plummeting home prices, increased foreclosures /short sales, and restrictive home loan requirements has changed the real estate landscape. Renting has become a popular option as public perception has been dramatically influenced by events of the past four years.
Almost everyone has been affected – homeowners, home buyers, job seekers, renters, investors, mortgage lenders.
While many in-town neighborhoods like Emory, Druid Hills, Virginia Highlands and City of Decatur are enjoying a healthy rebound in home prices and activity, some prospective home buyers are reluctant to embrace home ownership. After years of lost property values and uncertain economic stability, many buyers have decided to rent rather than purchase a home. And, an influx of former homeowners who have lost homes to foreclosures or short sales are now moving to rental properties in the area.
So, how are we doing? Rental properties in good neighborhoods in Atlanta seem to be doing just great. According to David Haddow, President of an Atlanta real estate consulting firm, “the average rental occupancy rate for intown neighborhoods remains very high at 96.9%.”
Why Rentals are Popular Today
- No extensive qualifying beyond normal credit check
- No maintenance costs
- No Insurance or Tax Costs
- Ease of mobility if job change
- Reasonable Rents vs. mortgage payments
Neighborhoods near Emory University attract graduate students, professors, medical workers, retirees, and young couples. Rental properties in good neighborhoods are in high demand and rent prices are increasing every year. Current Rental statistics published by the FMLS multiple listing service in Atlanta indicate that the majority of homes rented during 2012 were in the $1500 – $2500 range in the immediate Emory and Decatur neighborhoods.
The rental market in the Atlanta area inside the Perimeter appears to be thriving and prospects for the near future look promising. Investors and homeowners who are renting their homes until home prices improve in these areas should be encouraged that a ready rental market will be available for some time to come.
Atlanta Decatur Homes is a local real estate company offering professional Property Management Services and representing Buyers and Sellers in the Atlanta, Decatur and Emory University neighborhoods for over 25 years.