Atlanta’s rental housing market has experienced some significant changes in the past five years. Like most the US housing market, the bubble burst in a dramatic way. Once homeowners lost their homes, demand for rental properties surged and so did the cost of housing. Now that the housing sector has experienced a bit of a revival, home prices have begun to rise bringing up rental costs as well. Take a look at some of the ways the Atlanta housing rental market has changed just in the last five years.
After the Bubble: Rental Housing in Atlanta
According to a recent article published in the Atlanta Journal Constitution, the housing bubble wreaked havoc on a large group of investors who had a practice of flipping homes for quick sale and high profits. However, those investors got caught holding property when the bubble burst experienced dramatic financial losses. Many that had the capital on hand decided to rent these homes in attempt to maintain their investment while hoping that the market would change. Individuals had a tougher time. They simply defaulted on their loans and lost them to banks and investors.
Today in Atlanta
In Atlanta today, housing investors are pleased to note that rents are getting slightly higher each year but the truth is, the market isn’t screaming hot yet. Landlords can’t just get whatever price they want–it doesn’t work that way in 2014. There is plenty of healthy competition out there and the cost of living continues to rise.
Some renters report paying ten percent higher in rent compared to just two years ago. One thing to remember about Atlanta home rentals is that the location matters. People seeking premium locales like Marietta can expect to pay almost 7 percent higher than in less lucrative zip codes.
Overall, if you are thinking of dipping your toes in the housing market, come on in, the water is fine. You could enjoy some price spikes in the premium neighborhoods but across the board, expect solid increases. Contact Your Atlanta Rentals to learn how changes in the housing rental market can benefit you.
