15 Best Places to Buy Rental Property in Georgia [2023]

 by Michele Lawrie

·

Updated on August 31, 2023·
13 min read

Exploring the realm of real estate investments? Whether you’re a newcomer or aiming to enhance your portfolio, selecting the right investment property is crucial.

Georgia offers a diverse range of lucrative investment properties and rental markets. This guide explores the best places to buy rental property in Georgia, highlighting their unique advantages and potential returns. This list can also be considered for the best places to buy a house in Georgia because a house is an investment, and you can experience amazing value appreciation over the years.

15 Best Places to Buy Rental Property in Georgia [2023]

Here’s the list of top cities for rental property investment in Georgia, arranged from highest rental income to least:

1. Milton

Milton, situated about 30 miles north of Atlanta, is a rural city named after Revolutionary War hero John Milton.

Milton, Georgia, with its high average home value of $899,441 and affluent demographics, presents a promising rental property investment. Excellent state schools and commercial options ensure steady rental demand, making it an ideal choice for long-term investment.

• Population Growth over the past 10 years: +26.4%
• Average Home Value: $972,718
• Median Home Price: $1,008,000
• Rental Income: $4,013
• Property Value Appreciation: +39% in the last year

Why does it stand out?

• Spacious Properties
• Low Crime Rates
• Growing Economy
• Upscale Amenities

2. Johns Creek

Johns Creek, Georgia, is a prime option for rental property investment. With prestigious schools, an affluent community, and proximity to Atlanta’s job market, it guarantees steady rental demand.

Johns Creek’s attractive neighborhoods and amenities further enhance its appeal, making it a promising opportunity for consistent income and potential appreciation.

• Population Growth over the past 10 years: +27.1%
• Average Home Value: $652,501
• Median Home Price: $695,000
• Rental Income: $3,181
• Property Value Appreciation: +16.59% in the last year

Why does it stand out?

• Strong Economy
• Safety and Livability
• Cultural Attractions
• Natural Beauty

3. Chamblee

Chamblee’s advantageous location near crucial transportation hubs, coupled with a 200% population growth since 2010, positions it as a promising choice for buying houses and for rental property investments in Georgia that outpaces the national average.

Chamblee, GA, is experiencing economic growth within the metro Atlanta area. With diverse housing options, urban revitalization, and potential for property value appreciation, it presents a promising choice for real estate investment.

The significant increase in residents, from around 9,892 in 2010 to 30,164 in 2020, underscores its potential for a thriving rental market.

• Population Growth over the past 10 years: +204.9%
• Average Home Value: $470,437
• Median Home Price: $555,000
• Rental Income: $3,058
• Property Value Appreciation: +11.0% in the last year

Why does it stand out?

• Strategic Location
• Transit-Oriented Development
• Thriving Arts Scene
• Local Dining and Shopping

4. Blue Ridge

Investing in a house in Blue Ridge, GA, offers a blend of natural beauty and a thriving community. Enjoy scenic landscapes, outdoor activities, and a growing local economy, making it an enticing choice for real estate investment.

Blue Ridge, a charming mountain town in northern Georgia, boasts a population growth of 1,168. Popular for weekend getaways and scenic attractions like Chattahoochee National Forest, it’s a sought-after vacation spot.

Despite its small resident count, property values have surged, attracting investors interested in short-term rentals due to its allure as a popular retreat.

• Population Growth over the past 10 years: +25.2%
• Average Home Value: $495,867
• Median Home Price: $460,00
• Rental Income: $3,039
• Property Value Appreciation: +17% in the last year

Why does it stand out?

• Tourist Destination
• Historic Downtown
• Cohesive Community
• Real Estate Diversity

Connect with the Best Rental Property Mortgage Lender

Get pre-qualified for mortgage based on your property’s income.

5. Sandy Springs

Ranked as Georgia’s 7th largest city, Sandy Springs boasts approximately 107,180 residents. Sandy Springs showcases a robust rental market and rising home values, rendering it an appealing destination for investors.

Sandy Springs’ status as headquarters for major companies and Fortune 500 entities adds to its economic stability, making it an appealing choice for rental property investors seeking potential long-term gains.

Overall, Sandy Springs has a combination of strong home values, rental demand, and an attractive market, making these locations ideal for those looking to invest in rental properties.

• Population Growth over the past 10 years: +15.2%
• Average Home Value: $667,181
• Median Home Price: $605,000
• Rental Income: $2,716
• Property Value Appreciation: +3.6% in the last year

Why does it stand out?

• Affordability
• Educational Institutions
• Business Environment
• Tax Benefits

6. Athens

Buying a house in Athens offers a compelling opportunity due to its unique blend of affordability and quality of life. The median rent in Athens is $1,800 per month, making it an attractive prospect for both residents and potential investors.

The Georgia State University and Kennesaw State University anchor Athens’ downtown with academic and musical vibrancy while being the birthplace of iconic rock bands like B-52s, R.E.M, and Neutral Milk Hotel infuses this big city with a distinctive artistic atmosphere. Home to the University of Georgia,

Athens stands as the perfect college town to discover affordable housing coupled with a fantastic cost of living, all complemented by tourist attractions, rich history, and vibrant entertainment. The strong economy, particularly in the metro Atlanta area, has attracted residents from other major cities, significantly contributing to the growth of the housing market.

• Population Growth over the past 10 years: +10.3%
• Average Home Value: $307,612
• Median Home Price: $309,000
• Rental Income: $2,455
• Property Value Appreciation: +27.3% in the last year

Why does it stand out?

• Cultural Scene
• Educational Opportunities
• Strong Economy
• Community Engagement

7. Peachtree City

Peachtree City, also a college town, thrives amid shopping centers and Peach State allure. Investors find promising rental markets and strong investment potential, while the town’s convenient location near major highways further enhances its appeal.

Peachtree City is also a college town. Amid shopping centers and Peach State allure, investors find promising rental markets and strong investment potential.

• Population Growth over the past 10 years: +11.3%
• Average Home Value: $519,617
• Median Home Price: $499,900
• Rental Income: $2,656
• Property Value Appreciation: +5.8% in the last year

Why does it stand out?

• Unique golf cart culture
• Top-tier schools
• Tight-knit community
• Access to quality healthcare

8. Atlanta

Atlanta housing market is projected to be the top real estate market in 2023, meeting all 10 indicators, including affordability, employment, and population growth.

Atlanta’s rental market has been thriving for the past few years, with average rent prices also above the national average, making Atlanta one of the top rental markets. As one of the major cities, the city’s rental market holds strong appeal, with renters making up 55% of its housing units.

• Population Growth over the past 10 years: +18.7%
• Average Home Value: $399,127
• Median Home Price: $385,000
• Rental Income: $2,323
• Property Value Appreciation: +19.3% in the last year

Why does it stand out?

• Diverse Industries
• Educational Institutions
• Transportation Hub
• Diversity in Investment Properties

Connect with the Best Rental Property Mortgage Lender

Get pre-qualified for mortgage based on your property’s income.

9. Gainesville

Gainesville has earned the moniker “Poultry Capital of the World” due to its prominence in hosting numerous poultry processing plants. Key players in Gainesville’s job market encompass Gold Creek Foods, Mar-Jac Poultry, and Fieldale Farms Corporation.

The city of Gainesville has experienced steady year-on-year rent escalation, and its median home value positions it as an economical choice for individuals desiring an urban-suburban ambiance in their locality.

• Population Growth over the past 10 years: +25.1%
• Average Home Value: $349,864
• Median Home Price: $362,410
• Rental Income: $2,300
• Property Value Appreciation: +0.2% in the last year

Why does it stand out?

• Employment Opportunities
• Consistent Rent Growth
• Affordability
• Education and Healthcare

10. Savannah

Savannah, a coastal Georgia city near South Carolina, captivates travelers and retirees with its scenic beaches, green spaces, coffee shops, cobblestone streets, and a rich history. Parks, eateries, and boutiques add to its allure.

Savannah’s housing includes single-family homes, condos, townhomes, and apartment buildings, attracting year-round residents and seasonal vacationers. This drives rental property investors to target properties for both long-term and short-term rentals, making it one of the best rental markets.

These areas boast thriving rental markets, with rental properties in high demand due to their proximity to shopping centers and renowned school districts.

• Population Growth over the past 10 years: +8.4%
• Average Home Value: $290,503
• Median Home Price: $314,450
• Rental Income: $2,289
• Property Value Appreciation: +14.8% in the last year

Why does it stand out?

• Historic allure
• Steady rental demand
• Diverse neighborhoods
• Attractive investment property options

11. Newnan

Newnan, located just a 45-minute drive from Atlanta’s vibrant city center, offers residents the dual advantages of peaceful suburban living and close proximity to city access.

Newnan, Georgia, presents a strong case for rental investment property. Its strategic suburban location near Atlanta, coupled with prominent educational institutions and historic districts, offers diverse tenant prospects.

With 244 real estate rental options, Newnan provides an avenue for steady rental income and potential long-term gains.

• Population Growth over the past 10 years: +28.8%
• Average Home Value: $361,316
• Median Home Price: $375,500
• Rental Income: $2,239
• Property Value Appreciation: +1.1% in the last year

Why does it stand out?

• Proximity to Atlanta
• Growing Economy
• Healthcare Facilities
• Community Engagement

12. Locust Grove

Once a bustling railroad distribution center for peaches, cotton, and various commodities, Locust Grove derived its name from the sprawling grove of locust trees that adorned the town.

The city’s growth has surged substantially, propelled by strategic investments in water and sewer infrastructure. Since the year 2000, Locust Grove has experienced a staggering expansion of its boundaries by over 400%, accompanied by a remarkable doubling of its resident population.

• Population Growth over the past 10 years: +66%
• Average Home Value: $332,547
• Median Home Price: $338,000
• Rental Income: $2,233
• Property Value Appreciation: +1.6% in the last year

Why does it stand out?

• Population Growth
• Infrastructure Investments
• Affordable Housing
• Rapid Development

13. Columbus

Investing in rental property in Columbus, Georgia, presents a promising opportunity. The city’s strategic and convenient location on the Chattahoochee River, combined with a growing job market, causes in steady population growth.

Columbus, GA, combines affordability with a strategic location bolstered by a strong economy and a skilled workforce.

Columbus’ diverse industries and military presence contribute to stable rental demand. Additionally, the city’s ongoing revitalization efforts and potential for capital appreciation make it an appealing choice for rental property investors seeking long-term returns.

• Population Growth over the past 10 years: 18.3%
• Average Home Value: $152,559
• Median Home Price: $225,000
• Rental Income: $1,861
• Property Value Appreciation: +4.0% in the last year

Why does it stand out?

• Military Presence
• Thriving Economy
• Recreation and Arts
• Riverfront Development

14. Augusta

Augusta has 49 diverse neighborhoods along the Savannah River and bordering South Carolina

Augusta, rising NSA prominence, and the new cyber command center boost property values and attract investors. The influx of workers and job opportunities adds to the appeal for real estate investment.

It draws inhabitants with a blend of urban amenities with great entertainment venues while maintaining a small-town ambiance and attractive destination; residents enjoy easy access to restaurants, local shops, office spaces, walking trails, and much more.

Retirees are enticed by Augusta’s affordable cost of living, welcoming community, and pleasant weather.

• Population Growth over the past 10 years: +3.2%
• Average Home Value: $177,088
• Median Home Price: $200,000
• Rental Income: $1,417
• Property Value Appreciation: +16% in the last year

Why does it stand out?

• Employment Opportunities
• Educational Institutions
• Cyber Hub
• Growing Economy

15. Macon

Nestled in central Georgia, Macon is a small city steeped in history, culture, and outdoor pursuits. Notably, The Tubman Museum showcases African-American art, history, and culture exhibits. As of April 2020, Macon’s population stood at 157,346 residents.

Macon retains its affordability, attracting individuals drawn to its reasonable home costs and cost of living, outdoor attractions, The Big House (a museum dedicated to the Allman Brothers Band), and Ocmulgee Mounds National Park. This dynamic setting entices investors to cater to both long-term and short-term rental tenants, given the area’s appeal to tourists and year-round residents alike.

• Population Growth over the past 10 years: + 45.72%
• Average Home Value: $153,862
• Median Home Price: $190,900
• Rental Income: $1,488
• Property Value Appreciation: +4.5% in the last year

Why does it stand out?

• Scenic Riverfront
• Economic Revitalization
• Diverse Community
• Investment Potential

Connect with the Best Rental Property Mortgage Lender

Get pre-qualified for mortgage based on your property’s income.

Overview of Georgia Real Estate Market [2023]

Georgia’s 2023 housing market thrives on high demand, limited supply, and rising home values, making it an attractive option for real estate investors. Strong job growth exceeding the national average further fuels Georgia’s flourishing economy.

Let’s dive into the highlights:

• The median sale-to-list ratio sits at an impressive 1.000, showcasing balanced pricing.
• Median rent stands at $2,195, underscoring a robust rental market.
• Homes go pending in around 13 days by July 31, 2023, reflecting a fast-paced environment.
• The Georgia average home value reaches $319,330, boasting a 1.0% year-on-year increase with a median home value of $368,100, making it an attractive market.
• Closing costs for buyers typically range between 2%-5% of the sales price, offering transparency and insight into costs.

Source:Zillow

Connect with the Best Rental Property Mortgage Lender

Get pre-qualified for mortgage based on your property’s income.

What’s Attracting Real Estate Investors to Georgia?

1. Robust Economic Growth

Georgia’s attractiveness stems from its swift economic advancement, surpassing the national average and showcasing a remarkable average annual GDP growth rate of 4.8% in the last ten years. Particularly noteworthy was the substantial 10.5% surge in the economy during 2020.

2. Tourism as a Key Driver

Enchanting scenery and cultural opulence drive a flourishing tourism industry, serving as a vital cornerstone for real estate investors in Georgia’s economy.

3. Business-Friendly Environment

Ranked in the top ten in business friendliness globally, Georgia improves its environment with legal changes, lower taxes, and efficient processes. Strategic industries receive support through tax benefits, grants, and subsidies, and high demand for residential real estate.

4. Promising Investment Hot-spots

Georgia presents diverse real estate options, from urban Atlanta condos to Savannah beachfronts. With affordability, positive cash flow, and high returns, it magnetizes real estate investors.

5. Consistent Occupancy

A 75% high occupancy rate highlights the flourishing real estate sector. Consistent year-round property rentals ensure dependable cash flow for investors annually.

6. Variety and Potential

Beyond high demand and value, Georgia presents a range of real estate specialties and sectors, offering ample opportunities for exploration.

Get a Mortgage Based on Your Property’s Income

Traditional mortgages typically necessitate personal income verification, which can pose difficulties for investors with non-traditional income.

You can use DSCR loans to finance your investment property based on its income potential. Lenders analyze your property to see if it can make enough income to pay the mortgage, and you can get the loan.

Not all lenders do DSCR loans, so to get you started, HomeAbroad can connect you with the best DSCR loan lenders in Georgia.

Connect with the Best DSCR Lenders

Get quotes from multiple lenders to compare and pick the best one!

Conclusion

In wrapping up this blog post, it’s evident that Georgia’s real estate market holds significant promise for real estate investors. The state’s real estate sector is flourishing, with numerous cities standing out as ideal for rental investments.

If the prospect of investing in Georgia’s real estate market has captured your interest, now marks an opportune moment to embark on your journey. Armed with the right strategies and tools, you can navigate this growing market successfully.

Allow HomeAbroad to guide you in connecting with the finest investment property loan lenders in Georgia, streamlining your path toward commencing your investment venture seamlessly.

Connect with the Best Rental Property Mortgage Lender

Get pre-qualified for mortgage based on your property’s income.

FAQs

About the author:

Michele Lawrie is the Chief Real Estate Officer at HomeAbroad and has worked as a real estate professional for the past 14 years,
helping domestic and foreign national clients navigate the home buying and selling process.

She is passionate about real estate and strives to educate
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