How has the Covid-19 Pandemic impacted the rental home market in Atlanta?
In a nutshell, there hasn’t been much of an effect on the 2020 Atlanta real estate market. At least not yet. In January and February no property managers in our network of sources were reporting anything out of the ordinary. That changed right around St. Patrick’s Day when President Trump and Georgia’s Governor started implementing a variety of “shelter in place” directives and the amount of rental home inquiries dropped significantly. By the end of March many property managers were concerned about how many tenants would not be paying rent in April.
As it turned out, over 90% of the rents charged to tenants in rental houses got paid. Many property managers have reported collecting 100% of their rent rolls. The most significant delinquencies appears to be with the lower priced properties. As far as the leasing inquiries, the number of inquiries and showings have dropped but the number of new leases being signed is climbing in line with typical seasonal leasing performance.
According to data from First MLS 970 houses were rented in January, 929 in February, 990 in March, and 1000 in April. These results were using a filter for only single family detached houses with at least 3 bedrooms.
Contact us for more information on how Covid-19 has/will impact Atlanta real estate market in 2020.