The 5 Best Places to Buy Rental Property in Georgia

By Jess Ullrich

Posted on August 22nd, 2022

Aerial shot of Atlanta

💰 What is the best place to buy rental property in Georgia? 💰
Soaring home values and rising rent prices make Atlanta the best place to buy rental property in Georgia, followed by Augusta and Columbus.

Atlanta | Augusta | Columbus | Macon | Savannah

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Georgia has mild winters, beautiful hiking and beaches, and relatively affordable properties — so it's no wonder Georgia's real estate market has been on the upswing for the past several years.

In 2022, rising home values and rent prices, plus a recovering tourism industry, have made Georgia a promising state for real estate investors who are looking to buy rental property. Plus, Georgia is the eighth most populous state in the U.S., and its population continues to grow.

To help you identify investment opportunities, we evaluated Georgia’s five most populous cities using four key criteria:

  • Affordability
  • Investment potential
  • Rental rates
  • Amenities

We found plentiful opportunities to invest in the Peach State's booming rental markets—and we've partnered with Clever Real Estate to help budding and seasoned investors alike make the most of their next property!

Clever is a free agent matching service available throughout Georgia and nationwide. Clever's licensed concierge team will learn about your goals and introduce you to qualified, pre-vetted realtors from trusted brokerages including Keller Williams, RE/MAX, and Coldwell Banker. You can meet as many agents as you like until you find the best fit.

Best of all, Georgia is one of 41 states that allow cash rebates after closing. If you find a real estate agent through Clever, you'll receive up to 0.5% cash back. In Georgia, the median home price is $269,000, putting more than $1,300 back in your pocket!

👋 Contact Clever's licensed concierge team to meet top-rated real estate agents in Georgia today!

1. The Best Place to Buy Rental Property in Georgia: Atlanta

In 2022, the average home value in Atlanta is around $403,000, exceeding the national average of $337,000. But home values have soared by an impressive 102% in less than a decade. Although Atlanta has a high barrier to entry, investors are still drawn to the city's impressive track record of appreciation.

The Atlanta rental market has also seen big gains, perhaps in response to rising home prices. From 2021 to 2022, rent prices increased by 21%, driving the rent for a two-bedroom apartment up to $2,523.

While tourism was relatively slow in 2020 and 2021 due to the pandemic, approximately 57 million people visited Atlanta in 2019. Atlanta was recently ranked among National Geographic’s top cities to visit in 2022, suggesting it may also be a strong opportunity for investors interested in Airbnb or short-term rentals.

Visitors and residents alike are drawn to Atlanta's lush Botanical Gardens and rich history of driving the Civil Rights Movement. Among other amenities, Atlanta's historical museums are unmatched and include the Atlanta Cyclorama & Civil War Museum, the National Center for Civil and Human Rights, and Martin Luther King, Jr. National Historical Park. There’s also no shortage of options for foodies, with around 300 restaurants in Atlanta’s walkable downtown area alone.

2. Augusta

Like Atlanta, Augusta has also seen home values spike in recent years—but homes in Augusta are far more affordable for investors who don't have as much cash on hand.

However, savvy investors will want to move quickly, as home values are climbing fast. In 2017, Augusta's median home value was just $96,574. But by 2022, home values shot up 57% to $173,000. That's still well below the national median home value, making Augusta a sound choice for investors who hope their property value will appreciate.

Rental prices are also steadily climbing in Augusta. An average two-bedroom apartment in Augusta costs around $1,099 per month, a 9% increase from 2021 to 2022.

Numbers aside, Augusta has a lot to offer, making it an attractive market for both short- and long-term renters.

Every spring, the Masters Tournament draws up to 40,000 golf enthusiasts to Augusta. For those who aren't sports fans, Augusta is also home to plentiful historic buildings and beautiful outdoor recreation spots. The city's downtown area is listed on the National Register of Historic Places. From scenic strolls on the Augusta Riverwalk to fishing at Clarke’s Hill Lake, Augusta has something for everyone.

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3. Columbus

Located on the Chattahoochee River in western Georgia, Columbus mirrors Georgia's larger trend of rising home values. According to Zillow, Columbus's average home values climbed more than 32% — from $97,665 to $144,000 — since 2015. That's less than Atlanta or Augusta, making Columbus a relatively affordable market for rental property investors.

Rent prices are also steadily climbing, with a 5% spike in the past year alone. Today, the average rent price for a two-bedroom apartment is around $902. More than 8,000 students return to Columbus State University each fall, providing built-in demand for rentals.

Beyond Columbus's reputation as a college town, residents enjoy the city's eclectic mix of cultural, scientific, and historical attractions. Visitors can peruse artifacts at the National Civil War Naval Museum, admire the Columbus Museum's American art collections, and glimpse planets and stars at the Omnisphere Planetarium.

Outdoor recreation is also plentiful in Columbus, with river walks, hiking trails, ziplines, and kayaking for adventurous residents and visitors.

4. Macon

With homes priced far below the national average, Macon is an attractive option for local buyers seeking reasonably priced properties. A typical home in Macon costs around $130,000— but that's still a 55% leap from $74,037 in 2015.

Despite comparatively affordable home values, monthly rent is fairly high in Macon. Investors can expect to earn about $1,067 in monthly rentfor a two-bedroom apartment.

For those interested in Airbnb, a Macon apartment commands an average price of $117 per night. Recent investments have helped bolster tourism in Macon, and tourist spending in Macon-Bibb County topped $395 million in 2018.

Among other things, Macon is known as the birthplace of The Allman Brothers Band — so it's no surprise that fans flock to the Big House, a museum built within a home where band members once lived.

Macon is also home to Ocmulgee Mounds National Park, a prehistoric American Indian site that has been continuously occupied for more than 12,000 years.

5. Savannah

Perched on Georgia's beachy coast, Savannah's home values have risen steadily in recent years. From 2015 to 2022, the average home value in Savannah jumped from $145,000 to $259,000.

Rent in Savannah is also higher than most Georgia cities on our list, with a two-bedroom apartment commanding an average price of $1,515 per month— a 24% increase from 2021. Savannah is home to ten public and private universities, including Savannah State University and the Savannah College of Art and Design, which helps to explain how demand for rentals has driven prices so high.

Savannah has served as a beautiful backdrop for numerous Hollywood movies, including Forrest Gump and Midnight in the Garden of Good and Evil. Beyond its appearances on the silver screen, Savannah is a popular tourist destination that welcomed nearly 15 million visitors in 2018 — good news for investors interested in Airbnb and short-term rentals.

Next Steps for Your Rental Property Investment

From Atlanta's soaring home values to Savannah's lively art scene, Georgia offers an abundance of real estate investment opportunities.

If you're serious about investing in a Georgia rental property, the next step is interviewing local real estate agents who can help you spot promising rental property opportunities. Our friends at Clever Real Estate have built a network of trusted partner agents in Georgia and beyond. It's free to meet agents through Clever, with zero obligation!

Best of all, real estate investors who find an agent through Clever are eligible for Georgia's buyer rebate opportunities. You can receive up to 0.5% cash back at closing, which you can use to offset closing costs, get your new property ready for renters, or simply enjoy as extra money in your pocket.

🙌 The Easiest Way to Get Cash Back After Closing!
Did you know 41 states and Washington D.C. allow cash rebates for home buyers? Our friends at Clever can match you with trusted local real estate agents and help you get 0.5% cash back. You can spend your money any way you'd like — no questions asked!

FAQs

What is the best place to buy rental property in Georgia?

Atlanta is the best place to buy rental property in Georgia, followed by Augusta and Columbus. Learn how population growth, job opportunities, and home values impact rental property investments.

Is rental property a good investment?

In general, rental property is considered a sound investment, but a rental property's success or failure depends on both local market conditions and business strategy. Learn how to spot good investment opportunities — and save time, energy, and money — before buying a rental property in Georgia.

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Posted in Investment Property, Real Estate Investing