For much of North Atlanta, it seems like the boom times are coming to an end. 2023 saw rents across most of the Atlanta Metro Area decline for the first time in years, as demand softens across the board and inflationary pressures bite.
For those looking to purchase an investment property, generating a reliable return on investment will require more strategic focus than ever.
All of this starts with the type of property you buy. If you want your investment property in North Atlanta to get you the ROI you deserve, here are our expert tips for making the right choice.
1. Know Your Location
North Atlanta real estate is a broad church, so to speak. The northern reaches of the Metro Area are generally thought of as wealthier, with better schools and more jobs. However, this is not the case across the board.
For example, house prices and quality of life in Carey Park are significantly lower than in the nearby leafy and affluent suburb of Riverside. It is crucial that you take stock of your budget and only invest in what you can afford, in a neighborhood that has a high potential for consistent returns.
Getting this right is a delicate balancing act, one that requires intimate knowledge of real estate in Atlanta. Make sure to consult up-to-date real estate maps to find the most promising areas of North Atlanta.
2. Investment Property Type Matters
It's not just about location. The type of property you choose to invest in is also crucial. For example, you might wish to purchase a condo that you can rent out. Here, the neighborhood will play a part.
After all, you're more likely to get a good return renting out a condo to a young professional wanting to live close to the action than you will by renting out a condo in a quiet suburb.
You should do your research into the areas of North Atlanta you are interested in and find out who is moving there, and what types of homes renters in that area want. It could be a single-family home, a large McMansion, a charming bungalow, or anything in between.
3. Keep an Eye on Future Trends
Atlanta's real estate market is dynamic and ever-evolving. Before purchasing an investment property, it is essential that you get some insights into what the future holds for the market you have invested in.
Try and determine which neighborhoods might be quiet now, but hold high promise for future growth. The trick is to determine which neighborhoods are currently undervalued.
For example, is there an area in North Atlanta with good schools and links to downtown, but with lower prices than surrounding locales? This is something that a professional property management company can help you figure out.
Consult the Experts
Choosing your first investment property in North Atlanta is always a daunting task. The market is diverse and prone to constant ups and downs. However, with a little bit of professional help, you can get the ROI you seek.
At PMI North Atlanta, we offer experienced, local property managers who can help you find the right tenants and the right strategies to get more out of your investment.
You can even use our free rental analysis tool to see which areas promise the best yields for you.
