4 Reasons to Consider Owning Rental Properties in Fayetteville, GA
Is the Fayetteville GA area a good fit for your investment strategy? Learn how to analyze an area based on your goals, what data to look at when setting rent, and why a Fayetteville property manager can help your investment business succeed.
Before deciding if Fayetteville, GA is right for you when purchasing a rental property, you will want to learn more about the city and its demographics. As an investor, it is important to ensure the property you purchase is going to give you the type of rental return that aligns with your strategy and goals. That might be cash flow for one person and appreciation for another.
About Fayetteville, GA
Fayetteville, GA is about 22 miles from Downtown Atlanta and boasts a unique quality of life for businesses and residents alike. It has a small town feel while offering the convenience of being near the city. Its proximity to Atlanta makes Fayetteville a popular choice for commuters looking for more reasonable rents or a quieter area to raise a family. Thanks to some renovations to the city, Fayetteville is known as a walk-able city with lots of green space to enjoy. Public transportation is readily available.
1. Attractive Characteristics of Fayetteville
- Population is just under 18,000
- Residents are mostly between 35 - 54 years old
- Median income is $69,000 in Fayetteville (US average is $57,000)
- Highly rated schools
Steve Rozenberg, Head of Investor Education for Mynd, thinks having an age bracket of 35-54 is a good thing because they are more likely going to stay in the area for a while.
2. Postive City trends
Employment opportunities in Fayetteville are diverse and include jobs in the transportation, accommodation, healthcare, education and manufacturing industries. The unemployment rate in the area is below the US average, and job growth is positive as it continues to attract young professionals.
Hottest neighborhoods in Fayetteville, GA
- City Center
Connecting with a Fayetteville property management team that supports investors and their needs can be a real advantage when looking to purchase a rental property. Here at Mynd, we have local teams in each market as well as proprietary data that could help you to determine if the area is right for you!
3. Opportunity to Set Reasonable Rent in Fayetteville, GA
As an investor, your goal is to get the right about of rent in the quickest amount of time to maximize your investment and reduce vacancy time.
Rental Season Matters
You want to know when the hot rental market season is for the city you are researching. In most areas, that tends to be late Spring and early Summer. If the demographic of the area includes a lot of families, they typically want the kids to finish school before moving. If you rent your property during the peak season, you can expect to get a little more than if you were trying to lease it in an off season.
Check for Growth Trends
The rent you can expect to collect today and in future years can be affected by city growth trends. Check historical data that shows any growth trend and how the city is predicted to grow in the next 5 or 10 years. Are there new industries coming into the area?
Rental Home Statistics
- Average rent (3 bed 2 bath house) is around$1,693
- Rent is up 7% from last year
These averages are for homes, so the average rents will vary based on the type of property you own (home, condo, apartment).
Home Prices in Fayetteville
- Average home price is between $274,000 and $325,000
- The price of homes is trending up 1.6% year over year
- Median list price per square foot in Fayetteville, GA is $119. That is less than some nearby cities such as Marietta.
In July 2020, the city was a balanced market. This means the supply and demand of homes are about the same.
Owner Occupied vs. Renter Occupied
- 32.3% renter occupied
- 67.7% owner occupied
- 5.4 vacancy
- About 50% of the homes on the market have 2-3 bedrooms.
Steve thinks having a 30% rental occupancy rate is a good thing. Statistically homeowners take better care of their property, so having more homeowners than renters should result in values going up over time. When deciding on a rent amount, compare your property to similar homes on the market. If you have a 3-bedroom rental, compare yours to other 3 bedrooms that are listed for rent for a better comparison.
Rent you see on sites like Zillow and Craigslist may not be the most accurate numbers to use for comparisons. An experienced Fayetteville property manager can help you determine the most accurate rent using current data. Contact Mynd today for a FREE Rental Analysis.
4. Property Management Companies to Assist you in Fayetteville, GA
Owning rental property should be treated as a business.
How it is run will determine your success and the return you see year to year on your rental property. Hiring an experienced property management company in Fayetteville helps you to ensure everything is taken care of including:
- Getting the property rent ready and up to code
- Marketing the property
- Tenant screening to find a quality resident
- Lease signing and enforcement
- Maintenance and know who is responsible for what
- Rent collection and eviction process if it comes to that
- Ensure the property follows the laws regarding tenant safety
Complying with rules, regulations, laws
There are local, state, and federal laws you must comply with which can include things like:
- Rental Registration Program
- Probationary Rental Occupancy Permit (PROP) program
- RAMP (Rental Action Management Program)
These laws are constantly changing, and it is your job as an owner to keep up with the laws.If you hire a Fayetteville property manager, you need to make sure they know the laws. Mynd property management has in house council that is up to date on all applicable laws and regulations. A good property manager keeps up with changes in laws to ensure you are not violating any local regulations in Fayetteville, GA.
Hire a Fayetteville Property Manager
Whether you are looking for an investment property or management services, Mynd is here to help. Our three-tiered pricing program allows you to select the level of management you need. Contact us today about property management in Fayetteville, GA.
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