Are you hoping to buy a rental property in Atlanta, but you’re worried about the competition in a fierce seller’s market?
We understand the concern. Prices are high, and offers are coming in fast. Sellers have the luxury of choosing who they’ll sell their home to and under what terms. But there are some great opportunities, and you don’t want to sit on the sidelines while other investors take advantage.
Here’s why you should buy Atlanta rental properties in a seller’s market like the one we’re currently experiencing.
Demand in the Atlanta Rental Market
One of the best reasons to buy now is that you’ll have an easy time renting out a good home to high quality tenants. You’ll also earn a comfortable rent.
It’s true that this is a seller’s market. It’s also a landlord’s market. You’ve got a lot of tenants looking for well-maintained rental homes in desirable neighborhoods. They’re hard to find because a lot of individual investors and landlords have sold the homes they were previously renting out.
You can capitalize on this. While you’ll find a competitive market, there are still some great homes that can be found for reasonable prices. A lot of the investors you’re competing with are looking for homes they can quickly flip. If your plan is to hold and rent out the properties you buy, you’ll be looking for something different.
Find homes that are in good condition and nearly ready to rent. This will give you a great opportunity to close quickly, make a few cosmetic upgrades, and start earning rental income.
Rents are Going Up
Maybe you’re worried about whether or not your cash flow will be where you want it, considering the price you’ll pay for a rental home.
This is understandable, but there’s good news. Atlanta’s rental rates have risen dramatically over the last year, and they’re likely to keep going up. Statewide, Georgia saw the sixth highest increase in rents nationwide and in Atlanta, the 17 percent average increase in rental values far outpaced the rest of the country.
When you have a home to rent in Atlanta, you can count on a large pool of well-qualified tenants. You can also expect them to pay more than they were paying last year or the year before. Establish a profitable rent and you’ll see some impressive cash flow before too long.
How to Buy Rental Properties Now
Once you decide to invest, make sure you’re surrounded by the right partners.
Work with a professional Atlanta property manager before you buy. That way, you’ll get an idea of how much rent you can earn, how long it will take to rent your home out, and what kinds of repairs and upgrades might be necessary to attract the best tenants and the highest rental values.
Prepare for the competition. Tighten up your offer and bidding processes and systems, get some great negotiation tactics from an agent or broker, and be ready to move quickly. Relationships always help.
We can help you identify the best rental properties to buy in Atlanta right now, even in the seller’s market we’re experiencing. Contact us at Property Services of Atlanta.