11 of The Best Rental Markets in Georgia for 2023

Published on
 
December 16, 2022
best rental markets in georgia

Rental property can be a viable investment, especially in a state like Georgia. Georgia is an attractive market for real estate investors due to its dynamic economy, growing population, an unemployment rate significantly below the national average, and quality of life.

When choosing the best places in Georgia to invest in rental property, there are a lot of factors to consider. A few of the most significant attributes include population growth, home values, median rent trends, and how quickly homes sell after they're listed. 

The “Peach State” offers plenty of opportunities for investors interested in expanding their real estate portfolios. 

What’s Attracting Real Estate Investors to Georgia?

Georgia’s economy has been thriving in recent years. Solid job growth and business investments are on the rise. That means a steady influx of people moving into the state, providing a large number of potential tenants for rental property owners.

According to the latest data from the U.S. Census Bureau, the state's population increased by about 11% between 2010 and 2020, nearly 50% more than the national average growth rate of 7.4% over the same period. 

Also, Georgia offers some of the best quality of life in the country, from excellent schools and health care systems to top-notch restaurants and entertainment venues. A quick look at some stats from Redfin and World Population Review for median rent (as of October 2022) explain why Georgia is a popular place for real estate investing:

  • Median sale price: $353,400
  • Sale-to-list price ratio: 98%
  • Appreciation: 8.9% year over year
  • Median days on the market: 33
  • Supply of homes: 3 months
  • Newly listed homes: 11,537
  • Change in new home listings: -24.0% year over year
  • Median rent: $1,999

11 Top Markets in Georgia for Rental Property

From large metro areas like downtown Atlanta to small towns like Locust Grove, here are 11 of the top rental markets in Georgia (listed alphabetically). Population growth statistics are from Wikipedia and Data USA, rent growth data is from Zumper, home value information is from Zillow, and the figures for days on market are from Realtor.com unless otherwise noted.

1. Atlanta: Strong Rental Demand

The Atlanta housing market experienced a remarkable comeback performance in the past two years. Renters occupy 55% of Atlanta’s housing units, which adds to the appeal of the city’s rental market. 

In the past month alone, Atlanta has seen consistent increases in the average rent for studio, 1-bedroom, and 2-bedroom apartments. Forbes even ranked Atlanta as one of the best cities for renters.

  • Population growth over the past 10 years: +18.7%
  • Population growth over the past year: +1.81%
  • Rent growth year over year: -1%
  • Average home value: $399,127
  • Change in average home value year-over-year: 11%
  • Days on market (DOM) average: 50 days
  • Days on market year-over-year change: 80%

2. Alpharetta: Competitive Market

Alpharetta, Georgia, is a prosperous city in the heart of Fulton County. The city is home to several industries, including healthcare, technology, and retail. As a result, Alpharetta has a strong economy and a highly educated workforce. 

The city also boasts excellent schools, parks, and recreation facilities. Alpharetta is an attractive destination for rental property investors due to its stable economy and high quality of life, which explains why the housing market here is competitive.

  • Population growth over the past 10 years: +14.4%
  • Population growth over the past year: +1.49%
  • Rent growth year over year: +7%
  • Average home value: $657,261
  • Change in average home value year over year: 21.1%
  • Days on market (DOM) average: 49 days
  • Days on market year-over-year change: 81%

3. Athens: Large Rental Market

Nicknamed “The Classic City,” Athens was listed as one of the top real estate markets in 2022 by WalletHub. The University of Georgia is in downtown Athens where the college and music scenes dominate the area. Athens is also known as the birthplace of several alternative rock groups, such as the B-52s, R.E.M, and Neutral Milk Hotel.

  • Population growth over the past 10 years: +10.3%
  • Population growth over the past year: +.195%
  • Rent growth year over year: +17%
  • Average home value: $307,612
  • Change in average home value year over year: 20.7%
  • Days on market (DOM) average: 55 days
  • Days on market year-over-year change: 88%

4. Chamblee: Fastest Growth

Situated near an airport, light rail station, and several major highways, Chamblee has become a transportation mecca, resulting in a 200% population growth since 2010. According to the 2010 US Census, Chamblee’s population was approximately 9,892 people; it has since soared to 30,164 per the 2020 census.

  • Population growth over the past 10 years: +204.9%
  • Population growth over the past year: +2.2%
  • Rent growth year over year: +5%
  • Average home value: $470,437
  • Change in average home value year over year: 11.3%
  • Days on market (DOM) average: 49 days
  • Days on market year-over-year change: 65%

5. Gainesville: Appealing Affordability

Gainesville is known as the “Poultry Capital of the World” and is home to multiple poultry processing plants. Some top employers in Gainesville include Gold Creek Foods, Mar-Jac Poultry, and Fieldale Farms Corporation. 

Gainesville has seen consistent annual rent growth, and the city's average home value makes it an affordable option for those seeking a neighborhood with an urban-suburban feel.

  • Population growth over the past 10 years: +25.1%
  • Population growth over the past year: +3.68%
  • Rent growth year over year: +9%
  • Average home value: $365,486
  • Change in average home value year over year: 21.2%
  • Days on market (DOM) average: 68 days
  • Days on market year-over-year change: 97%

6. Locust Grove: Expansive Growth

Locust Grove was once a giant railroad distribution center for peaches, cotton, and other goods, earning its name from the large grove of locust trees across town. 

Today, the city has expanded exponentially due to infrastructure investments in water and sewer resources. Since 2000, Locust Grove has increased its boundaries by more than 400% and more than doubled its residents.

  • Population growth over the past 10 years: +65.6%
  • Population growth over the past year: +8.21%
  • Rent growth year over year: -1%
  • Average home value: $338,380
  • Change in average home value year over year: 21.9%
  • Days on market (DOM) average: 76 days
  • Days on market year-over-year change: 100%

7. Milton: High Demand

About 30 miles north of Atlanta is Milton, a rural city named after Revolutionary War hero John Milton. With an average home value of $899,441, Milton is one of the wealthiest cities in Georgia. The area attracts families and professionals with some of the best schools in the state and plenty of office, retail, and commercial space for businesses.

  • Population growth over the past 10 years: +26.4%
  • Population growth over the past year: +1.27%
  • Rent growth year over year: +2%
  • Average home value: $899,441
  • Change in average home value year over year: 23.5%
  • Days on market (DOM) average: 44 days
  • Days on market year-over-year change: 65%

8. Newnan: Competitive Market

This suburban town is about 45 minutes away from Atlanta’s metropolitan area, which gives residents the pleasure of peaceful living while also enjoying close proximity to the city. 

Newnan is home to the University of West Georgia, West Georgia Technical College, and six National Register Historic Districts. There are currently 244 rentals in Newnan, ranging from $750 to $3.2k per month.

  • Population growth over the past 10 years: +28.8%
  • Population growth over the past year: +3.1%
  • Rent growth year over year: No change
  • Average home value: $354,192
  • Change in average home value year over year: 20.4%
  • Days on market (DOM) average: 50 days
  • Days on market year-over-year change: 100%

9. Peachtree Corners: Steady Population Growth

Peachtree Corners is Gwinnett County’s newest city and has over 42,000 residents. The town continues to attract residents and businesses with its convenient location near several major highways and a wide range of housing options. 

The economy of Peachtree Corners relies primarily on businesses in planned office parks, such as information technology companies, engineering firms, and health technology groups. ASHRAE, the United States Tennis Association, and the Harlem Globetrotters are all headquartered in Peachtree Corners. 

  • Population growth over the past 10 years: +40.5%
  • Population growth over the past year: +1.07%
  • Rent growth year over year: +25%
  • Average home value: $531,922
  • Change in average home value year over year: 15.5%
  • Days on market (DOM) average: 55 days
  • Days on market year-over-year change: 79%

10. Sandy Springs: Robust Job Market

Sandy Springs is the 7th largest city in Georgia and has an estimated population of 107,180 people. In the past year, Sandy Springs’ job market saw an increase of 2.9%, with a predicted growth of 45.2% estimated over the next ten years. 

The city is the headquarters of Beazer Homes, Intercontinental Exchange, WestRock, Graphic Packaging Holding, United Parcel Service Inc., Newell Brands, and Veritiv, and is home to several Fortune 500 companies.

  • Population growth over the past 10 years: +15.2%
  • Population growth over the past year: +1.03%
  • Rent growth year over year: -10%
  • Average home value: $667,181
  • Change in average home value year over year: 14.1%
  • Days on market (DOM) average: 48 days
  • Days on market year-over-year change: 83%

11. Warner Robins: Buyer’s Market

Warner Robins is ideal for home buyers because houses have been on the market longer there than in most cities, meaning the prices are usually lower. According to Rocket Homes, property in Warner Robins sold for 15.4% more than a year ago. In September 2022, half the homes sold below the asking price, which may be attractive to investors seeking buy-and-hold opportunities.

  • Population growth over the past 10 years: +20.6%
  • Population growth over the past year: +1.12%
  • Rent growth year over year: +14%
  • Average home value: $187,165
  • Change in average home value year over year: 23.3%
  • Days on market (DOM) average: 43 days
  • Days on market year-over-year change: 98%

Disclaimer

This information is educational, and is not an offer to sell or a solicitation of an offer to buy any security which can only be made through official documents such as a private placement memorandum or a prospectus. This information is not a recommendation to buy, hold, or sell an investment or financial product, or take any action. This information is neither individualized nor a research report, and must not serve as the basis for any investment decision. All investments involve risk, including the possible loss of capital. Past performance does not guarantee future results or returns. Neither Concreit nor any of its affiliates provides tax advice or investment recommendations and do not represent in any manner that the outcomes described herein or on the Site will result in any particular investment or tax consequence.Before making decisions with legal, tax, or accounting effects, you should consult appropriate professionals. Information is from sources deemed reliable on the date of publication, but Concreit does not guarantee its accuracy.

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