Emory University Area Rental Outlook - 2013

The recent economic reality of plummeting home prices, increased foreclosures /short sales, and restrictive home loan requirements has changed the real estate landscape. Renting has become a popular option as public perception has been dramatically influenced by events of the past four years.

Almost everyone has been affected - homeowners, home buyers, job seekers, renters, investors, mortgage lenders.

 

While many in-town neighborhoods like Emory, Druid Hills, Virginia Highlands and City of Decatur are enjoying a healthy rebound in home prices and activity, some prospective home buyers are reluctant to embrace home ownership. After years of lost property values and uncertain economic stability, many buyers have decided to rent rather than purchase a home. And, an influx of former homeowners who have lost homes to foreclosures or short sales are now moving to rental properties in the area.

So, how are we doing? Rental properties in good neighborhoods in Atlanta seem to be doing just great. According to David Haddow, President of an Atlanta real estate consulting firm, "the average rental occupancy rate for intown neighborhoods remains very high at 96.9%."

Why Rentals are Popular Today

• No extensive qualifying beyond normal credit check
• No maintenance costs
• No Insurance or Tax Costs
• Ease of mobility if job change
• Reasonable Rents vs. mortgage payments

Neighborhoods near Emory University attract graduate students, professors, medical workers, retirees, and young couples. Rental properties in good neighborhoods are in high demand and rent prices are increasing every year. Current Rental statistics published by the FMLS multiple listing service in Atlanta indicate that the majority of homes rented during 2012 were in the $1500 – $2500 range in the immediate Emory and Decatur neighborhoods.

The rental market in the Atlanta area inside the Perimeter appears to be thriving and prospects for the near future look promising. Investors and homeowners who are renting their homes until home prices improve in these areas should be encouraged that a ready rental market will be available for some time to come.

Atlanta Decatur Homes is a local real estate company offering professional Property Management Services and representing Buyers and Sellers in the Atlanta, Decatur and Emory University neighborhoods for over 25 years

Home Won't Sell - Consider Renting It

Posted on March 8, 2012 by atlantadecaturhomes

The National Association of Realtors thinks that property values will rise 1.1% this year, but this modest rise in value may not help your home to sell.  Popular realtor site, Active Rain,  indicates mixed expectations from various sources.

Our economy is still fragile and home sales are up only slightly.  Until the job market and the building industry improve considerably and foreclosures and short sales ebb, home prices will not go up. 

If Your Home Doesn’t Sell, Is Renting the Best Move?

Maybe.  If  you are offered a new position across the country, the opportunity may be too good to pass up.  The decision will be whether to sell your home at any cost, even at a loss, or to consider leasing the property. 

If you decide to rent your home, it will now become an investment property, and you will still be responsible for paying the principal, interest, taxes, and insurance.  You must continue to maintain the property and pay any homeowner fees that are required as well.  An investment property could have significant tax advantages, but you should talk to your accountant or tax professional before you make this decision.

Hiring a Property Manager

Once you have made a decision to lease, consider hiring a professional Property Manager to take care of your home.  Absentee Landlords are at a severe disadvantage, and a “hands on” manager will act as a surrogate landlord to protect your interests in the property.  A good Manager will:

• Advertise your property
• Screen potential tenants – check references and credit
• Prepare Leases and Move/In-Move/Out Agreements
• Collect the Rent – pay Bills – Generate Monthly Reports & Checks to Landlord
• Handle Repairs & Maintenance
• Act as a Buffer between the Tenant and Landlord

In addition, professional Property Managers are versed in local ordinances and Fair Housing Laws and are subject to strict regulations regarding Escrow Accounts and handling of other peoples money.

Atlanta Decatur Homes is a local real estate company selling homes in the Atlanta, Decatur and Emory University neighborhoods for over 25 years, providing professional Property Management Services as well.

Why Do You Need a Property Manager?

Posted on February 12, 2012 by atlantadecaturhomes

You need a Property Manager for many of the same reasons you need a professional real estate agent.  To make your life easier.

Realtors are licensed and knowledgeable about  State and Local laws that might affect your property.  For example, in some municipalities there is a limit on the number of unrelated adults that can occupy a home legally.

A good Property Manager can handle most of the sticky issues that may arise in leasing your home.  They can:

• Advertise the property for lease with signs, lockboxes, information boxes and emails to other local realtors and to major local businesses.  Distribute flyers and brochures to the multiple listing service, personal websites, Realtor.com, Craigslist, Postlets.com, rentdigs.com, and a host of other appropriate sites.
• Screen prospective tenants by checking credit histories, references, past landlords, and backgrounds.
• Prepare a comprehensive Lease that protects the Landlord and the Tenant, spelling out possible problems like access to the property, accountability for damage to the property, and early termination of the Lease by either party.
• Keep individual records for each client, collect and hold Security Deposits and   rent.  Pay maintenance bills or lawn service if requested.  Send out an itemized statement to the Landlord each month, and a year-end report as well. 
• Maintain the property by handling repairs when requested or necessary.  Professional Property Managers have good electricians, handymen, and plumbers available, as well as lawn services. 
• Let tenants into the property when they are locked out.

Perhaps one of the most difficult duties that Property Managers perform is maintaining  a good relationship and communication with your tenants.  Tenants come in all forms and not all of them are amiable, even though they pay the rent on time and keep the property in good condition.  Prickly tenants need a diplomatic approach and one that an experienced Property Manager can handle with ease.

Atlanta Decatur Homes is a local real estate company selling homes located in Atlanta, Decatur, and Emory University neighborhoods for over 25 years and offering professional property management for homes in the Emory area.