In today’s blog, we want to update you on the rental markets we serve. At Lighthouse Property Management, we are in Fayette County and we also serve Coweta County, South Fulton, Henry and Clayton counties. We have been doing property management for about a decade now and we’ve been involved in the real estate industry for 20 years.
This is by far the best rental market we have ever seen.
I have personally owned properties in all of these markets, and there have been different vacancies at different times over the last 12 to 15 years. I can tell you from my experience that now is a great time to own rental properties in south metro Atlanta.
Real estate investors from all over the world are buying properties on the south side of Atlanta, and the reason they are buying here is that the properties are easy to rent. We can also successfully rent them for top dollar. It is possible and advisable to raise the rent every year because you will still have a pool of qualified tenants willing to pay. For years, as properties became vacant, owners would want to raise the rent. This is a natural tendency. However, it would often mean longer vacancies. Not anymore. Right now, you can have an increase of $50 or $100 per month or somewhere in between. If you rented a home out two years ago and it’s going to be vacant now, you’ll be very pleased with the amount you are able to raise the rent.
Most property owners want to know how long the property will be on the market. It varies, depending on the subdivision the house is in, and each local market is different. But generally speaking, I tell investors that if the home is priced correctly and in great condition, it could be rented within two weeks. In today’s market, it’s that fast. We should be able to screen and locate a really good tenant. If your house is vacant for more than 30 days, we know we’ve missed something. Either the property is overpriced or it’s not showing well.
It’s all good news in south metro Atlanta. The rental market is strong, and we anticipate it will stay strong for quite some time. If you have any questions, or you’d like to plan your own investment strategy, please contact us at Lighthouse Property Management, and we’d be happy to help you.