Atlanta Rental Market – Analysis by City
We have good news. We have reduced our vacancy rate significantly this past month. We have had several properties that have been lagging, get rented. We turned more than 20% of our vacant homes in the past week and we have several move-ins booked for the end of the month. So, there is the good news.
Now for the bad news. We are still seeing tremendous competition for rentals. People are looking for newer properties in great condition. They want single family homes as opposed to townhouses. They are looking for 4+ bedrooms.
Currently of our available properties, 2 bedrooms make up 41% of the current vacancies. If you add in the 3 Bedrooms you will see that makes up 77% of our current vacancies.
Below you will find my general analysis for the various cities around Atlanta where we have vacant properties. You will see that we share what is currently on the market, the price ranges, and the average.
While not meant to be a comprehensive analysis as there are other factors like amenities and square footage, age, & condition of the home, it should serve to give you an idea of how things are.
Enjoy!
Lawrenceville, GA
3 Bedroom Homes
Currently on the market there are 102 properties being marketed. The rental prices range from $2,300 to $700 per month. The average rental price for 3 bedroom homes is $880.00
4 Bedroom homes
Currently on the market there are 71 properties being marketed. The rental prices range from $2500 to $925 per month. The average rental price for a 4 bedroom homes $1307.00
Lawrenceville still seems to be a strong rental area. While we have a fair amount of inventory, most are in the 2 & 3 bedroom situation. We actually have pending move ins for this area.
Smyrna, GA
2 Bedroom Homes/Condos
Currently on the market there are 57 properties being marketed. The rental prices range from $1,650 to $595 per month. The average rental price for a 2 bedroom single family residence is $923.00. There are only 6 on the market currently.
If you add townhomes to the houses, the average rent would be $883.27.
There are a lot of apartment style condos and duplexes on the market that are skewing the averages, which was why I performed the analysis without them.
3 Bedroom Homes
Currently there are 25 single family homes on the market. The rental range is $1,800 to $699 per month with the average being $1,118.00.
3 Bedroom Townhomes
Currently there are 26 townhomes on the market. The rental range is $3,000 to $1,000 per month with the average being $1,480.00 after we excluded the 3 high end luxury rentals which really aren’t comparable to anything we manage.
The challenge that we are having with Smyrna is that there is unusually low demand for that area at this time. In the past, we have had great demand, but at this time, the demand has been much lower than other parts of the city.
Snellville, GA
4 Bedroom Homes
Currently there are 33 single family homes on the market. The rental range is $2,295 to $980 per month with the average being $1,306.00
In Snellville. we have had mixed success. The properties that are renting are in the $1295 range and are less than 10 years old and in great condition. Properties that are older than 10 years really need to be priced adjusted.
Powder Springs, GA
3 Bedroom Homes
Currently there are 29 single family homes on the market. The rental range is $2,000 to $800 per month with the average being $1,061.00
4 Bedroom Homes
Currently there are 20 single family homes on the market. The rental range is $2,750 to $1,100 per month with the average being $1,500.00
Norcross, GA
2 Bedroom Townhomes
Currently there are 17 townhomes on the market. The rental range is $1,500 to $599 per month with the average being $837.00.
These numbers do not take into account all the FRBOs that I see in and around Norcross all the time. Parts of Norcross area have a high concentration of duplexes and townhomes. I would probably guess that the competition for this home type is much higher than actually what I found advertised.
Loganville, GA
4 Bedroom Homes
Currently there are 19 single family homes on the market. The rental range is $1,695 to $800 per month with the average being $1,353.00. Most of the homes are newer and in great condition.
Duluth, GA
3 Bedroom Homes
Currently there are 26 single family homes on the market. The rental range is $1,500 to $775 per month with the average being $1,105.00.
In Duluth, like Norcross, there is a wide range of homes and a fair amount of multi-family homes. When we add in condos, townhomes, & multi-family, you will see the available rentals increase to 57 available properties.
Cumming, GA
4 Bedroom Homes
Currently there are 58 single family homes on the market. The rental range is $2,600 to $1,100 per month with the average being $1,896.00.
Most of the more expensive properties that are on the market are newer and have more than 2 bathrooms, When we reduce the bathroom to 2 full baths, we see the total properties on market go down to 41 and the range from $2,150 to $1,100. The average also drops to around $1,700.
Alpharetta, GA
2 Bedroom Townhomes
Currently there are 15 townhomes on the market. The rental range is $1,295 to $750 per month with the average being $995.00.
As with other areas that traditionally have not been strong rental cities, we are finding as more and more owner’s can’t sell, they are coming into the rental market. Traditionally finding a rental property in Alpharetta was tough. Now however, there are over 120 properties available for 2 & 3 bedrooms. If we look at all number of bedrooms, it swells to 230 properties. Of those 73 are luxury rentals over $2,000 per month.
