During the past several years, rentals have almost surpassed home ownership in popularity, particularly in the Atlanta and Decatur neighborhoods near Emory University.
While rental growth has leveled off nationwide, rents have continued to rise in close-in Atlanta areas, jumping 3% from December 2015 to January 2016 for a 1-bedroom unit. In addition, the housing market has been hampered by a severe lack of inventory, causing a flood of “would be buyers” to seek rental possibilities. Increased demand in desirable areas near Emory, downtown Decatur and Atlanta has also led to higher rents and fewer available properties to lease.
A recent article by Phil Hudson in the Atlanta Business Chronicle indicated approximately 32% of renters in Atlanta are designated “millenials”, ages 18-34, who are young adults that can’t afford to buy or don’t want to be bothered with the hassle of owning. They are attracted by the flexibility of leasing, including mobility to move when necessary and by the services provided by Landlords or Property Managers.
With the increase in the number of people moving into the rental market, it is important for Owners and Managers to maintain good records and provide excellent service.
Atlanta Decatur Homes is a local Property Management Company, representing properties located in the Emory, Druid Hills, and Decatur neighborhoods. One of the complaints we hear most often from prospective renters is that the Manager and/or Owner is not responsive. Here are a few tips that may help:
- Screen tenants carefully
Get it in writing
- Handle security deposits judiciously
- Make repairs as necessary
- Give notice before entering
- Buy adequate Insurance