Did you know Georgia is the 11th fastest-growing state in the U.S.? While it may be known for its peaches, film industry, and southern hospitality, it’s become a hot spot for real estate.
Ranked 9th in the list of 10 best cities for real estate markets in 2022, Atlanta shows no signs of losing that spot. Although the cost of housing (whether you buy or rent) is 8% higher than the national average, folks continue to move there.
What’s up with the housing and rental market in Georgia?
If you’re starting out or have been in the game for a while, it’s best practice to know the lay of the land and to stay up-to-date on the markets. Here are some key statistics to keep in mind:
- Atlanta was named the top city in 2022 for having the most active downtown areas with apartment construction over the past ten years. The city has seen over 21,500 new apartment units built since 2013!
- The median rent in Atlanta is 12.4% higher than the national average.
- In May, Atlanta ranked 23rd for the priciest apartment rental market in the nation.
- Georgia has the most overpriced housing market in the U.S., with homes selling for more than 51% of their worth. However, it’s still considered the best place to buy a house due to its thriving job market and strong tech presence.
- The National Association of REALTORS® Research Group named the Atlanta-Sandy Springs-Marietta metropolitan area as the top market to watch in 2023. Indicators that factored into this decision included better housing affordability, more renters who can afford to buy the median-priced home, and a smaller housing shortage, all compared to a national level.
- The same NAR report predicts that more than 20% of Atlanta residents will be able to afford a home in the area, surpassing the national average.
- Atlanta homes are on the market for an average of 42 days, up from 29 in 2022, as opposed to an average of 34 days for the state.
- Gainesville, a short hour and a half drive from Atlanta, is the hottest real estate market in the nation, according to Bankrate. With its population growth, most considerable home value appreciation, lowest unemployment rate, and the highest rate of homes for sale, it’s giving Atlanta a run for its money.
What does this mean for you?
Atlanta, and Georgia at large, is a ripe market for real estate professionals to throw their hat in the rental ring and convert renters to buyers. An influx of folks moving to a state with a competitive and expensive real estate market means more opportunities to work with future homebuyers! The rental market is a great way to establish relationships, build your pipeline, and become an expert in the housing market.
Are you a real estate professional with Georgia MLS? Rental Beast recently launched a platform integration, giving you the tools you need to succeed in rentals. Learn more about the Georgia MLS and Rental Beast partnership here.
