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Single Family Home Rental Rates on the Rise

Real estate agent Matt Hermes discusses the rise of rental rates in Georgia.

As home values continue to decline across the nation and in Georgia, a recent study shows that rental rates of single family homes are on the rise.

Georgia once again was one of the top states in the country to see home value declines in 2011. We ranked third in the largest price decline with a year over year average of over nine percent.

Rental rates were on the flip side of this decline with the average rental rate rising three percent over the same time period and no signs of this trend slowing. Many families that have lost their home to foreclosure or have had to do a pre-foreclosure (short sale) and they are in a position where they must rent prior to purchasing again in the coming years. Typical waiting periods for re-purchasing a home after a pre-foreclosure sale is 2 to 3 years and 5 to7 years with a foreclosure.

The market is growing for rental properties and we are working with a number of investors who are buying distressed properties and renting them to those with a need. If anyone you know is in a position to buy a second home and convert their current home into a rental property now is the time to act.

For more information on this article or if you need to rent a home in Dacula or the surrounding areas please give us a call. Do you need to sell? We are experts at distressed sales and pre-foreclosure short sales and have the track record to prove it. Call us for a confidential consultation.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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