Rentals in Cross Creek>Question Details

Gliman, Both Buyer and Seller in Atlanta, GA

Are rental prices going up?

Asked by Gliman, Atlanta, GA Sun Jun 3, 2012

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5
Lee Taylor’s answer
Cross Creek is coming back!

You are asking about Cross Creek, right?

After a decade or so of whipsawed ownership in a country club, Cross Creek is stabilizing - it's a terrific location with unique amenities, and I'm sure that the majority of units are renovated, cash reserves for the HOA are better and yes, landlords are getting more for their spaces in the notable elementary school district, Morris Brandon ESD....
0 votes Thank Flag Link Tue Jun 5, 2012
Generally speaking rental rates are going up, however all real estate is local. When speaking about rental real estate it is very local, subdivision specific.

As sales prices in Atlanta are down anywhere from 25-75% percent from 2006/2007 peak depending on location and condition, and investors make up roughly 40% of all sales there is a flood of new rental properties to the market. These new owners can afford to lease at substantially lower rates and make a huge cash on cash return, often 8 to 10 times the 10 year US Treasury rate. In addition to new investors, existing investors are seeing substantial reductions in interest rates either through refinancing, or modification. Several of my clients have been contacted by their lender and offered substantial reductions in interest rates where they are current in the payments and have not requested a modification. They happily accepted. This allows them to hold or lower their rental rates to keep or attract tenants. Add to this group of investors, many upside down owners that do not qualify for a short sale are leasing their old homes when they move to a new one.

I manage 100+ homes and as renewals are coming up, many tenants have the option of moving across the street to a newly renovated investor property at 15% below their current rental rate established one to two years ago. In those circumstances we cannot increase rental rates and occasionally owners agree to a reduction to keep the tenant.

A general answer to your question does not apply to a specific property or location. We provide rental market surveys for specific properties at no charge. If you have a specific property we will be happy to provide a no obligation analysis.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
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0 votes Thank Flag Link Mon Jun 4, 2012
Indeed they are, due to supply and demand.
0 votes Thank Flag Link Sun Jun 3, 2012
Rents have also been moving up in the San Francisco Bay Area including the East Bay.
0 votes Thank Flag Link Sun Jun 3, 2012
They are! As demand rises due to those that can't purchase from leaving their homes from short sale or foreclosure as well as the flood of people that keep relocating, rents have risen. In 2007 the average 2 bedroom for the metro was in the $700 range now it is in the $900's. This month I have a client who is relocating and looking in the $2,000/month range for Midtown 2 bedrooms and there are multiple rental offers on the properties we have viewed. Demand is there!! A Buckhead condo I am listing for rent will also be higher now since I have seen the rents go up by $200/month in the past year.

Christan Ross, Realtor
Chapman Hall Realty
Web Reference: http://www.AtlantaMaven.com
0 votes Thank Flag Link Sun Jun 3, 2012
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