Renters Now Rule in Region

Metro Atlanta: "For Rent"

That is the picture painted by new housing data released this week by the US Census Bureau. From 2000 to 2010 the supply of new housing units outpaced demand by 50 percent in the four largest counties.(Fulton, Gwinnett, Dekalb, and Cobb) The result: In those four counties alone more than 143,000 houses, condos, apartments and other units were vacant in 2010- and 67,000, or nearly half, were for rent. That's good news for renters and bad news for landlords and often for neighborhoods.

The recession also converted many owners to renters, often against their will. I have a rental property, which is now lived in by a man who can easily afford to buy his own house. However, due to the current market, he is scared to purchase a home he may be stuck with for years to come.  Owners still outnumber renters across the 28 county metro region, but the balance has shifted in the direction of rentals, according to the census data. A lot of landlords are having a hard time finding people willing to pay the same rate as their mortgage, because there is so much competition. I did not experience this problem; due to the fact my house is located near a college. So there is a higher demand for rental properties. The old adage location, location, location rings true.

Despite the grim census figures taken one year ago, housing experts say that Atlanta's rental market is looking up and will continue to improve in coming years. According to a real estate market analyst, there is a tremendous growth in home rentals in Atlanta and surrounding areas.

Total vacancies: Percent change from 2000 to 2010

• Cherokee County 163.1


• Clayton County 233.6


• Cobb County 163.4


• Dekalb County 178.8


• Fayette 118.5


• Forsyth 138.1


• Fulton 121.7


• Gwinnett 212.7


• Henry 250.1


• City of Atlanta 110.0

It may be a great time to buy a foreclosed home at a rock bottom price and make it into a rental home. You must be willing to sit on this investment until the market rebounds. I intended to sell my house, but after leaving it on the market for three years, I decided to turn it into a rental property for extra income. This worked out very well for me, but be sure to weigh all the facts concerning your competition.

Katrina Barish - Marketing Rep

Contributor- The Atlanta Journal Constitution