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Atlanta Housing Market Outlook

March 01, 2023

Atlanta Housing Market 2023

Last month, NAR’s Lawrence Yun cited Atlanta, Georgia’s housing market as the one to watch in 2023.

It’s an important vote of confidence in the market and potential for rental investors, and as you’ll see below, the rent yields are higher than average in Atlanta.

While some cities may see a big downturn as interest rates rise and the economy slows, Atlanta may not suffer the same fate. Economic strength and a severe shortage of properties ensures demand is present.

Investable Atlanta

Landlords, new property investors and property management companies in Atlanta, will undoubtedly find value in an Atlanta rental property venture. If you would like to explore that opportunity, make plans to attend the NAA Apartmentalize Conference in June, at the Georgia Convention Center. This is the best way to speak to those active in this market.

Of course, with rising home prices and rising mortgage rates, home ownership right now in metro Atlanta might be a questionable pursuit. Of course, mortgage rates should decline within a couple of years, and Atlanta’s economy and housing market might accelerate.  With that in mind, property buyers need to time their purchases.

Strong Population and Home Price Growth Signals Potential

It seems the metro Atlanta Georgia region, at 6+ million plus population and growing is attracting attention. Lower labor costs, growth in the tech sector, and positive economic outlook make it a desirable place for businesses to relocate to.

Best States for Business List.

Best States for Business List. Screenshot courtesy of

In terms of business and housing demand outlooks, many southeast states are ranked well, including Tennessee, North Carolina, Virginia and Georgia. The lower residential density in greater Atlanta, which is well spread out compared to other major metros is a bonus for keeping costs and inflation from getting out of control.

Workers too are sensing the opportunity for affordable living. Atlanta ranks 24th on Zumper’s list of top 100 US metros in terms of average rental affordability, however the city is saw rent price drops of 3.6% in December, and year to year.

The Federal Reserve didn’t cite Atlanta’s counties as deserving of an affordable housing market rating. Compared to income levels, rent prices are a bit high, yet given Atlanta’s improvement and positive outlook, it’s still positive signal for landlord/investors who need affordable price properties themselves, and for Atlanta area property management companies hope for new landlord leads.

Preparing for Big Growth in the City

The city has launched a number of livability projects (large civic projects include the BeltLine, Centennial Yards, and the big development planned for south downtown Atlanta) to accommodate expected population increases.  Given Atlanta’s still moderate home and apartment prices (by US standards) seem attractive to investors and homebuyers.

Median home prices have grown 43% since 2020 which means investors might be confident that Atlanta is the right town to buy investment houses and multifamily units.

A recent Bloomberg report reports that Atlanta developed at least 30,000 new apartments over less than a 10-year period. The city has a lot of land which is not typical of most major metros on the coasts. Dan Immergluck, author of the book Red Hot City: Housing, Race and Exclusion in 21st-Century Atlanta, said housing in Atlanta has increasingly become unaffordable and exclusionary, while the neighborhoods are being gentrified.

However, most cities have gone through even steeper price rises and gentrification, and these conditions might bring confidence to investors who might risk investing/building in the city. The fact is, cities have to prove they are worth of investment, because investors and builders won’t stick their necks out when other cities are more competitive and have more rental properties to buy.

The warm climate, outdoor lifestyles, job market, large economy and more are making everyone think Atlanta is is a good choice. Already the city is home to 17 Fortune 500 companies, next only to New York and Texas. The modernization process the city is undergoing will likely attract more tech investors and startups too.

Atlanta region population growth chart.

Atlanta region population growth chart. Screenshot courtesy of St Louis Fed.

Job growth, low unemployment, and moderate rent prices are attracting buyers and renters alike. Home equity growth has soared well beyond the US national average reflecting a positive outlook from the real estate investment market.

Given the available land, geographic dispersion, rising population, and pro-business outlook, the region is rich with opportunity for real estate entrepreneurs.

Georgia MLS December Housing Report

Georgia MLS (29 county Atlanta Metropolitan Statistical Area (MSA)) December sales stats show sales continue to moderate, down another .1% from November, but not at the rate suffered during 2022. Median homes prices fell 2.8% year over year to $370,000 while mortgages have climbed considerably. See more single family, condo, and multifamily prices by county on the website.

Atlanta Median Home Prices history chart.

Atlanta Median Home Prices history chart. Screenshot courtesy of Georgia MLS.


New Home Listings Atlanta Georgia.

New Home Listings Atlanta Georgia. Screenshot courtesy of Georgia MLS.

Home sales in Atlanta dropped 34.65% year over year, yet the median price actually rose $14,900 (+4.3%) from 12 months ago. Home listings have risen by 5,964 units (+76.8%) which has doubled available inventory from 1 month to 2 months supply. As interest rates rise, more inventory might be listed giving investors opportunity to buy properties they can manage.

Redfin’s latest report shows which Georgia cities are seeing the strongest price growth:

Home price growth, top cities in Georgia. Screenshot courtesy of Redfin.

Rent Prices in Atlanta

Zumper reports Atlanta rent prices at $1692 per month for one bedrooms, as of January 7, 2023. And the average rent for a 2-bedroom apartment fell by -2% to $2,200. The city has a 55% to 45% ratio of renters to owners. It’s a renter city, and with home prices rising and new housing on the way, it will become a big city for landlord investors.
A relentless rise in rent prices that doesn’t quit much in a downturn.

Average Price for a 2 bedroom apartment rental in Atlanta.

Average Price for a 2 bedroom apartment rental in Atlanta. Screenshot courtesy of Zumper.

According to, rent yields peaked in 2022, and have slipped during the 13 months. Rent yields stood at 6.42% in March 2022.

Apartmentlist posts its rent price trends for Atlanta:

Rent Price Growth in Atlanta Georgia 2022.

Rent Price Growth in Atlanta Georgia 2022. Screenshot courtesy of

Where to Buy Rental Property in Atlanta

According to, the top 5 neighborhoods for rentals in Atlanta are:

  • Midtown (2 bedroom average rent price at $2678/month)
  • Buckhead (2 bedroom average rent price at $2088/month)
  • Downtown (2 bedroom average rent price price at $2088/month)
  • Virginia Highland (2 bedroom average rent price at $1995/month)
  • Inman Park (2 bedroom average rent price at $1965/month)

The Atlanta average for 1 bedrooms is $1744 and for 2 bedrooms, $1905)

Of course investors have plenty of neighborhoods within Metro Atlanta to choose from. Your price point, yield expectations, livability rating, renter income levels, and government regulations will play into which are the most investable neighborhoods and the best property types.

According to Global Property Guide, rent yields are 8.94% in Chicago, 7.04% in Atlanta, 11.68% in Orlando, 4.25% in San Francisco, 4.56% in Boston and 4.78% in New York. One note though that studio apartments have very high rent yields at 11.54% in Philadelphia, 9.7% in Atlanta, 9.2% in Washington, 13.4% in Orlando.

Atlanta Rental Property Yields:

 ATLANTA – Apartments
 Property Cost ($)
 Rent Yield (p.a.)
 Purchase Price Monthly Rent
 Atlanta (all locations)
Studio $204,900 $1,656 9.70%
1-Bedroom $289,950 $1,844 7.63%
2-Bedroom $425,000 $2,281 6.44%
3-Bedroom $749,900 $2,750 4.40%
Atlanta average rental yields courtesy of 7.04%

Deciding On Atlanta

Key considerations to weigh before making a rental investment property in greater Atlanta:

  1. rent yields and rent yield outlook
  2. buy or finance?
  3. neighborhoods with low vacancy rates and affordable rental property prices
  4. single houses, condos or apartments?
  5. Atlanta economic outlook
  6. fastest growing neighborhoods
  7. climate and the lure of the south (south, west or north?)
  8. property taxes and income taxes
  9. timing, when to buy
  10. capital appreciation rate

After speaking with a Realtor/broker, you’ll get a better idea of the rental investment potential of Atlanta. However, it does like a location with the right characteristics such as growing population, improving business outlook, lower cost profile, and a large amount of rental apartments.

Manage your Georgia rental properties with an affordable, and simplified property management software to grow your profit margins, cut costs and build strong relations with tenants.

Learn more about ManageCasa property management software.

P.S. we would enjoy meeting with you at our exhibition booth at the NAA Apartmentalize conference. Make your travel plans and drop by on June 9th to discuss how ManageCasa will create the results you need.


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 * information presented in this post is not offered as a recommendation of property in Atlanta and any data is subject to change according to recent housing market conditions. Please consult with a rental property investment advisor before making investment decisions in rental property.

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