Why Purchase a Rental Property in Marietta, GA?
Before deciding if Marietta,GA is the right place for you to invest in a rental property, you want to look at some key statistics to determine what kind of rental return you can expect. Learn why hiring a Marietta, GA property manager that knows the rental market might be a good investment and the key to your success as an investor.
As an investor, you want to research home prices and rental rates so you can calculate the expected rental return. Can you expect any cash flow or are you looking at appreciation only?
Next you want a property that people are looking for when renting. Are there a lot of house, apartments, etc in the area? What are the more popular home sizes? If the rental market is demanding 2 bedroom mobile homes and you have an expensive, large single family home, you might have a harder time leasing the property.
Other important indicators of a good area include job and city growth trends as well as how transient the area is? Do people move in and out or do they stay years?This could affect your turnover time.
About Marietta, GA
Northwest of Atlanta, Marietta is a smaller city rich with history. The Church-Cherokee Streets Historic District is listed in the National Register of Historic Places, and many of the homes were built in the early 1900s. Homes in the 6 historic districts are sought after. However, you will need to keep in mind if you purchase a historical home, you will have to follow guidelines as far as any renovations to the home goes. Outside of the historic district you will find both older and newer homes to choose from.
Marietta has some tourism from its Gone with the Wind Museum and Kennesaw Mountain National Battlefield and Park. It is also near enough to Atlanta to be just a short drive away from seeing the Atlanta Braves play a game at Truist Park.
- Walk score (35/100), public transportation (20/100) and bike score (30/100) tells you this area is car dependent.
- Average school ratings of 6-7 out of 10. A few schools in the best neighborhoods do have 9/10 ratings. An award-winning charter school system is located inside the city limits.
- Median age in 2017 was 33.5
- Median income in is $50,963 (5.83% growth)
Residents either commute into Atlanta or are employed locally in multiple industries including manufacturing, retail, accommodation/food services, and construction industries. Lockheed Martin’s manufacturing plan is one of the major industries in the city. Marietta has made a great effort to bring in industries without compromising the historic integrity of the city. The county has seen major growth, and it anticipates seeing slower, steady growth in the future.
Contact Mynd’s Marietta property manager for more information on the area.They are local and familiar with the rental market. Mynd has proprietary data that can help you find an investment property that fits with your strategy and goals.
If Marietta,GA isn’t a good fit for your portfolio or you are interested in diversifying your portfolio in several cities, Mynd has offices in over 19 markets and can help you find properties that fit your strategy.
How to accurately set rent for my Marietta, GA rental property
Setting the correct rent for your property is key to find a tenant quickly and reduce vacancy time.
Rental information for the area
- $1458-$1695 is the average rent for a single-family home (3 bed 2 bath)
- Rent prices are up 13% from last year
Note this average rent rate will be different based on the property type. Single family homes will be priced differently than apartments or mobile homes.
Home prices in Marietta
- $345,000 average home price
- Home prices are up 9.4% from last year
- Real estate in Marietta is some of the most expensive in Georgia.
Marietta, GA has benefited from some of the highest home appreciation rates in the country. Over the last ten years it has seen 57.12% appreciation. The majority (62%) of homes in the area were built between 1970 and 1999 and are 2-3 bedroom homes. The return on your investment is going to be higher in Marietta than you would see, for example, in California.
Owners vs Renters
- 61% renter occupied
- 39% owner occupied
- Vacancy rate is 8.7%
- Shiloh Valley ($1700 a month rent)
- East Worthington ($1,775 a month rent)
When buying a rental property, it is important to have a good team on the ground to help. Mynd has a local Marietta property management office that can help you determine the right rent amount so you maximize your return and lease the property quickly. Mynd offers a FREE rental analysis.
Why should I hire a property management company in Marietta, GA
Does it make sense to hire a property manager in Marietta?
When you own a rental property, you own a business. There are daily operations to oversee and rules, laws, and regulations to follow.
Operational tasks involved with rental property include:
- Getting the property rent ready
- Marketing the property
- Screening tenants
- Preparing and enforcing the lease
- Collecting rent monthly
- Handle maintenance issues and maintenance emergencies
- Deal with eviction if it comes to that
Each of these steps must comply with the laws, rules and regulations. Breaking a law can end up costing you in court fees or fines. It is your obligation to know the laws and comply with them.
What is your time worth?
Keeping up with ever changing laws is time consuming. Not only do you need to comply with federal and state laws, but local city regulations can include things like:
- Residential housing code of Marietta GA
- Protection for tenants affected by foreclosure in GA
- The city offers a Landlord/tenant handbook which provides specifics about local and state laws It includes information on issues such as basic tenant rights, lease and rental agreements, and evictions.
- Local zoning laws to preserve the rich history of the city
- Property code – What items are residents responsible for and which are the landlord’s responsibility?
Don’t have the time or interest to dedicate hours a month to research changes in laws? Hiring a property manager that knows the laws to handle the day to day management and compliance issues might be a good decision for you. Having someone else manage the property offers you peace of mind that your investment is being cared for, the tenants are in a safe home, and all laws are complied with.
Professional vendors to handle maintenance issues
A property management company has access to licensed, insured vendors that they trust and work with daily. Based on the properties we manage; the biggest maintenance issues landlords face in the area include:
- Mud and silt issues
- Weeds and grass cutting
- Keeping properties free of trash
Property managers help reduce the impact of expected and unexpected expenses such as:
- Vacancy– reduced time on market with good marketing/advertising strategy
- Vendors– quality vendors that are insured and bonded
- Maintenance issues – routine and emergency
- Nonpayment of rent
Ready to hire a property manager?
If you are interested in talking to Mynd about property management in Marietta, give us a call today. Mynd is ready to be your strategic partner and offers a three-tiered pricing structure so you can choose the level of service that fits your needs.
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In the meantime, learn more about ways to start with a smaller downpayment here.