Why should I purchase a rental property in Griffin, GA?
If you are considering investing in Griffin, GA, you should determine if the demographics, home prices, and expected rental return fit with your strategy. It is also important to have the right team to give you good advice about the local market.
About Griffin, GA
Griffin, GA is a metro Atlanta suburb in North-central Georgia. With a population of around 23,000 people, it offers a smaller town feel while being convenient to the city with just a 25 minute commute. The city is home to many families who enjoy the green parks and good schools. Several of the top schools in the area have a B rating, and Niche.com gives Griffin a B rating.
Statistics about Griffin, GA
- Median home prices $140,000
- Median income: $31,000
- 13.3% Appreciation over the last 10 years
- Cost of living is 37% lower than the national average
- 4.6% unemployment rate
Popular neighborhoods in the area
- Orchard Hill
- City Center
- East Griffin
A city that is trending toward future growth is something you want to look for when investing in property. The largest industries in the area are Retail Trade, Manufacturing, and Health Care. Griffin has seen a 2.9%increase in the job market and future job growth is forecast to be 44.8% over the next 10 years.
How to accurately set rent for my Griffin, GA rental property
What is the market doing and how should I set the rent for my Griffin rental property?
Rental rates fluctuate due to many factors including:
- Demand vs supply - A supply shortage of rentals and a high demand can cause rent rates to increase.
- Rental Season - Are you looking for a tenant during the prime rental season? Most families move in the Spring/Summer months to allow kids to finish school. If you must fill a vacancy during the off season, you may not be able to get as much rent as during the prime season.
- City trends and forecast growth can affect prices. Are jobs coming into the area or leaving?
- Location of the property – Is your property in one of the hot areas of the city?
- Number of bedrooms – Price will fluctuate based on the size of the home and whether your home is the size people are looking for.
- Curb appeal – Does your home have upgrades people are looking for that could cause it to be more in demand and allow you to charge a little more.
- Do you allow pets? Allowing pets can have an effect on both days on market as well as rent you can collect if pet homes are in demand.
Griffin has a population of about 23,000 people, so it is a smaller city.The average cost of a home is about $140,000 which is way below the US average.
- 65% Renter Occupied
- 35% Owner Occupied
As an investor, you want to look at all these factors when determining rent rates. Contact Mynd’s Griffin,GA property manager who can help you determine what your property will rent for. We offer a FREE rental analysis.
Why should I hire a property management company in Griffin,GA?
Does it make sense to partner with a Griffin property management company?
Property Managers handle the day to day operations
The role of the property manager is to make sure both tenants and owners are happy. They take care of the day to day operations required when you own a rental property such as:
- Getting a property rent ready
- Marketing the property
- Screening applications
- Lease signing and enforcement
- Maintenance issues- preventative and emergency repair
- Collecting rent
- Eviction procedures if ever necessary
- Lease renewals
Ensure you are complying with laws and regulations
Beyond the regular tasks you think about when it comes to managing a property, you have laws you must follow. There are things you can’t ask on an application or during the screening process. You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.
With COVID, there have been more laws and regulations enacted that may affect lease renewals, evictions, and more.
Saves you money
- Properties rented quicker to reduce vacancy time
- Make sure residents pay rent on time
If you don’t have the time or the desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager. Mynd local property managers that know the laws to ensure you are following them as well as in house legal counsel.
A good property manager allows you to remove yourself from the situation so you can concentrate on managing your assets not running the day today tasks. Contact us today at Mynd about property management in Griffin or finding your next investment property in one of the 19 markets we serve.
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